China's Internet, industry restructuring and policy incentives drive entrepreneurship

Liu Jin, founder of the CKGSB Young Investor Forum says internet technology, industrial upgrading and policy incentives are the main three drivers for China's innovation and entrepreneurship in Beijing. Provided to China Daily.

Internet technology, industrial upgrading and policy incentives are the main three drivers for China's innovation and entrepreneurship, says Liu Jin, associate dean of the Cheung Kong Graduate School of Business.

The Global Innovator Conference is being held in Beijing from Nov 3 to 5, and the Cheung Kong Graduate School of Business held the 7th CKGSB Young Investor Forum on the first day.

Liu, also founder of the investor forum, says that many young people in China are starting businesses, even though they don't have much management expertise or work experience, but internet technology has provided them many opportunities. As long as they understand the internet, they have the chance to grasp opportunities.

He adds that China's economy has seen great development but the old economic model is no longer sustainable. The country is restructuring, which means companies in traditional industries might disappear while others will be created.

"This is a second huge opportunity for innovation and entrepreneurship in China. The economy is now in 'new normal', which means we need new industries, new technology and new business models," he says.

Another opportunity is provided by the policy incentives that China's government has made to push forward innovation and entrepreneurship, which is also the reason that CKGSB built its own community to incubate and support start-ups and innovative ideas, he says.

Liu says that the CKGSB's innovation community has built partnerships with Tencent, Baidu Inc and IBM to support and incubate start-ups.

"Our community would like to cultivate world-class entrepreneurs within five years," he says.