China Needs Entrepreneurial Economy

China needs entrepreneurs to step up and drive growth, after 2016 marked a step back for the private economy. An editorial from the Economic Observer: 社论|中国“企业家经济”时代已来,我们准备好了吗?
Is there a similar change in China in 2017? The economy "L-type" proclaimed the end of double-digit growth. If the last decade from the highest point of time, the Chinese economy last year, 6.7% growth has hit a fold. But in recent years the Chinese economy to absorb employment capacity remained at about 13 million per year. On the one hand the traditional enterprises to produce capacity to face a huge staff placement pressure, on the other hand, the new economy to provide employment opportunities are always increasing. Alibaba announced that in 2016 to create more than 30 million jobs, drop the trip is reported to provide 17.5 million jobs and income opportunities, of which more than 2.38 million from the industry to the industry. It is not difficult to understand: this year's government work report on the economic growth rate slightly lower, new employment indicators from 10 million to 11 million.

But can not ignore such data: 2016, the first decline in private investment cliff-style decline, private investment growth over the years for the first time lower than state-owned investment, its share of fixed asset investment fell by 3 percentage points, which is the first time. When talking about private investment, confidence becomes a high frequency word, the topic of entrepreneur immigration, from time to time ripples.

However, we will certainly pay attention to the signal: the protection of property rights, to stimulate and protect the entrepreneurial spirit, the past few years, the decision-making layer on the frequent release of warmth, the end of last year, property rights protection of the top design announced, "so that entrepreneurs peace of mind, ", Eventually written this year's government work report.

Still in the high-speed track to run the Chinese economy, whether it is embracing their own "entrepreneurial economy"? What is a Chinese story?

...China's economy has no other choice. Premier Li Keqiang in this year's government work report said that China's development to the present stage, do not rely on reform and innovation has no way out. If you want to ask, how does this potential for innovation become reality? Entrepreneurship is the most important driving force.

...At this time, private investment growth slow down the red light. In the year of 2016, the growth curve drawn by private investment was surprising. January-February, private fixed asset investment grew 6.9%, the national fixed asset investment growth rate of 10.2%. Since then, private investment growth all the way down, then in June that is the first negative growth. Over the past few months, while private investment has fallen, the share of private investment has fallen from 64.2% in 2015 to 61.2%. To know that from 2005 to 2011, private investment to maintain an average annual growth rate of 30%, optimistic people expect, private investment accounted for a fixed number of years will be more than 70%.

When the private investors are hesitant, where will the entrepreneurial spirit come from? Thus, in 2016, the State Council executive meeting several times to discuss, to boost the confidence of private enterprises to develop countermeasures to promote entrepreneurship, stimulate private investment potential and innovation vitality.

...China is through the supply side of structural reform, through the improvement of institutional mechanisms, to promote the arrival of an entrepreneurial economic era. This is a kind of entrepreneur and entrepreneurial spirit, based on the market allocation of resources, driven by innovation, through the accumulation of sustained technology to achieve the economic growth model.

Peter Drucker says we need an entrepreneurial society in which innovation and entrepreneurial spirit are a normal, stable and sustained behavior. Innovation and entrepreneurial spirit should be the basic behavior of society, the economy and the organization to maintain the vitality of life.

Only such a society, in order to be born and stable entrepreneurial spirit, only in such a soil, the entrepreneurial economy will break out, such as the spark of stars, start a prairie fire.

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