69% of foreign entrepreneurs in China have experienced administrative licensing problems; over half of them have faced product approval delays.
On December 9-12, EqualOcean is holding the World Innovators Meet (WIM) 2020. This year, the event's main topic is 'Technology and Innovation Connect the World.' WIM2020 gathers innovators from Asia, Africa, Europe and the Americas to share their knowledge and key achievements, promoting the concept of 'Tech for Equal.'
Why do foreign entrepreneurs choose to start their businesses in China? There are quite a few factors.
1. Infinite market
China is the most populous country globally, with over 100 cities of more than 1 million inhabitants. The incredible consumption potential is a hidden gold pool. For example, the e-commerce industry in the country is growing at a high speed, surpassing that of the United States, and it is yet to reach the saturation level. As the country's middle class is booming, the escalated living standard will boost a new blow of economic growth.
2. Abundant capital
China's capital market has entered into a very dynamic phase, with numerous venture capital and private equity institutions competing with each other. Incubators, accelerators and entrepreneurial camps initiate all kinds of activities, guiding small and medium entities all over the place. By 2020, China has overhauled its Foreign Investment Regulatory Regime, Foreign Investment Law ('FIL'), to provide more significant promotion and enhanced regulatory transparency for foreign investors.
3. Favorable policies
As the country's major cities are competing in terms of GDP and entrepreneurial performance, a huge number of programs have been created to foster the development in major tech hubs. They tend to lure all valuable business resources by creating a facilitative entrepreneurial environment. Shanghai, Shenzhen, Beijing, Hangzhou and Suzhou are among the cities that have the best tech infrastructure globally, making business there more efficient.
4. Social stability
In a society with an overriding priority of stability, the market and economy can benefit from a healthy business environment. Social, political and economic stability are a vital factor in predicting future demand and strategize for a longer-term.
5. Skilled talents
The Chinese young skilled and competent workforce is an indispensable factor. While many fresh graduates in the country are bilingual and professionally trained, the labor is relatively cost-effective due to the fierce competition for high-end jobs.
Top 30 Foreign Entrepreneurs in China 2020
About WIM
Hosted by EqualOcean, the World Innovators Meet (WIM) (click to watch the online event on December 9-11, 2020) is a global event for innovators. It provides limitless opportunities to learn from and connect with the most sought-after technology pioneers.
About WIA
The World Innovation Awards (WIA) are announced at WIM to recognize game-changers across various industries and geographies. Selected by a committee of distinguished experts, entrepreneurs and investors, WIA are designed to acknowledge technology disruptors striving to make a positive impact on a global scale.
See this year's WIA lists and download the research reports in English and Chinese on EqualOcean and 亿欧智库 respectively.