Insights | Global entrepreneurs remain committed to Chinese market

(ECNS) -- The HICOOL 2024 Global Entrepreneur Summit wrapped up in Beijing on Sunday, highlighting a burgeoning global interest in the Chinese market.

The summit featured a comprehensive program including a startup competition, forums, exhibitions, and project signings, bringing together a diverse group of international entrepreneurs.

Upon entering the exhibition hall, a gleaming piece of amethyst at the Zambian exhibit drew attention from visitors. Asked its price, a young Zambian, Milimo Zumbunu, responded in fluent Chinese, "We don't sell this individually; it's typically sold in bulk in China. This piece is valued at around 70,000 (about $9,817) to 80,000 yuan."

After graduating from a Chinese university in 2018, Zumbunu decided to stay in China to pursue opportunities in the mineral industry. Over the past year, his income has surged, nearly doubling each month.

"China-Africa cooperation has provided us with perfect opportunities. African countries are getting to learn more and adjust quicker and be better businesspeople because we are dealing with a huge market with strong demand," Zumbunu noted. He also mentioned that his affinity for China began with the TAZARA Railway, a route he frequently travels when returning home. Perhaps the young man who once journeyed on the Chinese-built railway from dawn to dusk never envisioned himself promoting his homeland's gems at an expo in China. It seems an invisible thread has long bound him to China.

Zumbunu's insights into the Chinese market resonate with those of Marten Rauschenberg, CEO of the Asia Berlin Summit. Rauschenberg remarked, "China’s startup market is amazingly huge, and Beijing’s startup ecosystem is very very vibrant. I am quite confident in the Chinese market."

Rauschenberg elaborated that during the summit, he engaged in discussions with many Chinese companies in the electric vehicle (EV) sector. A lot of them were quite proud to tell him that they have joint ventures with German car companies.

“German car companies know that they cannot deal in the future without Chinese part makers and Chinese car makers and software makers. Especially on the AI part, especially on analyzing the traffic around the world, finding solutions for mobility problems, we have to work together. That's where I see the future one,” he said.

Peter Vesterbacka, the creator of globally popular game Angry Birds, having achieved significant success in the gaming industry, has now turned his attention to the Chinese study abroad market. He has partnered with Chinese colleagues to establish an agency that facilitates Chinese students studying in Finland and provides guidance on entrepreneurial endeavors.

Regarding the recent hit game "Black Myth: Wukong," he commented, "I think it's a great example of the maturity of China’s games ecosystem, as well as the skills and the talent here in China. That is also why we see a lot of international games companies setting up offices and seek development here because there is a lot of talent in games."

Additionally, Sofía Ancheta, Economic Counselor at the Cuban Embassy in China, told China News Network, "China is one of the most important economies in the world and has already created all the conditions to attract foreign investment."

David Wiehls, a German businessman specializing in brain-computer interfaces, added, "I choose China for a lot of reasons, but the main reason is about the daily life with technology in China. People are open-minded to use technology in their daily lives."

According to the World Intellectual Property Organization(WIPO)’s 2023 report on the top 100 global science and technology clusters, China leads with 24 clusters, marking its first global top ranking in this category. The Shenzhen-Hong Kong-Guangzhou cluster is ranked second, with Beijing and Shanghai-Suzhou cluster also among the top five.

This robust demand market, coupled with world-class talent, an open business environment, and advanced technological development, continues to attract global entrepreneurs.

First held in 2020, the HICOOL Global Entrepreneur Summit has, over the past five years, attracted 32,000 entrepreneurial talents and 24,000 projects from 145 countries and regions. It has incubated 16 "unicorn" companies and 127 "specialized and innovative" enterprises, with post-competition financing for winning projects exceeding 36 billion yuan.