INNOVATION KEY FOR YOUNG ENTREPRENEURS

At the 7th All-China Young Entrepreneurs Conference held on Tuesday in Hangzhou, East China's Zhejiang province, prominent Chinese business leaders, industry experts and government officials delivered a key message to the country's next generation of private entrepreneurs: when faced with pressure, don't wait — scale the wall, dig a tunnel or find a new route, but never give up.

Amid shifting global dynamics and rising trade frictions, particularly with the United States, China's private sector is facing challenges, but with resilience and innovation brighter days are ahead, they emphasized.

Shen Ying, secretary of the Leading Party Members Group of the All-China Federation of Industry and Commerce

The private economy has huge potential and young entrepreneurs are the driving force of China's innovation and high-quality growth. For young entrepreneurs, innovation is the first engine. You've got the mindset, the insight and the courage — so lean into it.

The world today is more open, more complex and full of opportunities and challenges. Now is the time to embrace the entrepreneurial spirit, balance profit with social value and create both economic gain and public benefit. That's how Chinese private entrepreneurs build something lasting.

Cao Dewang, chairman of Fuyao Group

In 1984, I realized China's auto glass market was monopolized by foreign firms. One piece of imported glass could cost thousands. I made up my mind then: Chinese people must make their own auto glass! I turned down every chance to make quick money in real estate. Looking back, that choice was absolutely right.

What kept Fuyao going through economic cycles was our deep respect for our country, for our industry, for rules and for natural laws. We stuck to our founding mission and kept evolving. Young entrepreneurs must stick to industry, serve the nation and drive product and tech upgrades through continuous innovation. That's how we push society forward.

Nan Cunhui, chairman of Chint Group

When China's private entrepreneurs hit problems, we climb over the wall, dig a tunnel or find a way around. We're never the kind to lie down and give up. After the US started the tariff war, our solar business in Southeast Asia was no longer viable so we shifted production to Turkiye and set up two new plants in Saudi Arabia.

Yes, global trade rules are being shaken up. But that just means we've got a shot at reshaping the global industrial chain. That's a race worth running. My advice? If you've got the strength, band together and go overseas as a supply chain team. If you're going solo, fine — but you must localize.

Liu Qiangdong, chairman of JD

The world is full of risks and uncertainty. But only by believing in ourselves, staying united and standing strong can we win the future. Since 2008, every time the exchange rate shifts or trade friction flares up, Chinese entrepreneurs might feel shaken but it never lasted more than three months, then everyone regained their confidence. No matter what, natural disasters or economic waves, this is when entrepreneurs must stand together.

Chen Jianhua, chairman of Hengli Group

Hengli has walked this road for 31 years. From 27 people to breaking through foreign bottlenecks step by step. In this environment, we need more entrepreneurs who charge ahead and don't wait for 100 percent certainty. That kind of thinking will make you miss your moment.

Two years ago, we responded to the national call to revitalize idle assets. We acquired a shipyard which had been sitting empty for 10 years. Sure, it was risky, but when the economy's down, entrepreneurs need to step up. Today, we've got orders for over 170 ships, more than 40 still in production. Ship orders are booked until 2029 and our engine orders go into 2027. We make 180 engines a year, half for export, half for our own use.