Giving the spur to world-class Chinese enterprises

This year, 133 Chinese enterprises entered the Fortune Global 500 list. However, it should also be noted that while some leading enterprises in some industries have formed strong international competitiveness, compared with world-class enterprises, Chinese enterprises still have much room for improvement in research and development, branding and management.

The central authorities have recently stressed the need to promote entrepreneurship and accelerate the construction of world-class enterprises as a priority in the latest round of reform and opening-up and in the pursuit of innovation and fair competition.

To this effect, the government should not only double down on its efforts to improve the market environment, but also the cultivation of entrepreneurial spirit as a driving force.

The authorities should treat all types of enterprises equally and ensure that private enterprises have access to production factors and the market on an equal footing with State-owned enterprises. Access to the property market and bankruptcy exit should be lubricated, as these can contribute to healthy market competition. The government should enhance its supervision and improve the services it provides so as to solve the practical problems of enterprises. The development of world-class companies cannot be independent from that of the rule-of-law and well-performing governance.

Entrepreneurship is the intellectual support and driving force for enterprises to create greater economic and social value. The government should guide entrepreneurs to closely follow innovation to improve their core competitiveness and risk resistance capabilities, actively promote technological innovation, management innovation, and business model innovation.

The authorities should also create the necessary conditions to encourage and guide entrepreneurs to broaden their international vision, and help the enterprise to go global with products, technologies, standards, and brands. At the same time, the enterprises need to substantially improve their ability to adapt to changes in the international market and prevent risks in the international market, and enhance their global resource allocation and integration capabilities.

That being said, entrepreneurs should take advantage of the support of the country to actively practice the entrepreneurial spirit, improve the efficiency of enterprise resource utilization and management level, so they can add momentum and vitality to the country's economic growth.

-ECONOMIC DAILY