China’s new energy, artificial intelligence and high-tech sectors are expanding resources, jobs and trade

Chongqing – On June 13, Dr. Huang Dongbin, Distinguished Professor at Chongqing University of Posts and Telecommunications (CQUPT), highlighted the opportunities and challenges facing young entrepreneurs in emerging economies during an exclusive interview with Bridging News for the upcoming Youth Entrepreneurship and Innovation Asian Dialogue Event Youth.

He reported that global economic growth is 2.9%, developed economies 1.5% and emerging economies 4.0%, while China achieved growth of 5.2% last year.

He attributed this solid performance to advances in new energy, artificial intelligence and advanced manufacturing technology and services. These sectors create more resources and jobs by increasing production, sales and trade.

TechXlore shows that China’s new energy vehicles (NEV) and lithium-ion battery sectors have expanded significantly. In 2023, NEV production increased by 36% to over 9.6 million units, and the lithium-ion battery sector grew by 25%, creating numerous jobs. The clean energy sector is expected to generate almost 14 million jobs globally by 2030, with China playing a major role.

Additionally, AI applications in manufacturing, particularly in engineering and design, are increasing productivity and creating high-tech jobs. According to PwC the report shows that increased spending on artificial intelligence by major manufacturing companies is driving new product development and optimization of factory operations.

Dr. Huang Dongbin, Distinguished Professor of the School of Economics and Management at CQUPT. (Photo/Huang Dongbin)

Additionally, Dr. Huang highlighted China’s significant progress in education and innovation, emphasizing their importance for high-quality economic development. Young entrepreneurs can leverage China’s robust education system and innovation ecosystem to build competitive enterprises.

For example, Chongqing’s Liangjiang Collaborative Innovation Zone, which houses more than 50 universities and research institutes, supports industrial cooperation, start-up incubators and the attraction of high-level talent. It enabled the establishment of numerous industry and research partnerships and initiated the incubation of several start-ups from the advanced technology industry, providing a solid platform for entrepreneurship development.

He also advised young entrepreneurs to focus on creating marketable and scalable value when planning a startup. He suggested two main strategies: building competitive advantage by outperforming existing suppliers and leveraging available resources by leveraging resources to create value.

Dr. Huang urged young entrepreneurs to be innovative, proactive and risk-taking. He believes that success requires more than effort and diligence. Entrepreneurs must equip themselves with the necessary knowledge, skills and social capital to face challenges and seize opportunities.

Supporting entrepreneurship through policy reforms

The risk of failure is a significant challenge – around 70% of private companies fail within five years, and the rate is likely higher for young start-ups. Dr. Huang emphasized resilience – the ability to recover and restart after setbacks. Entrepreneurs should take calculated risks, seek support from family, partners and society, and maintain a stable support system.

Policy reforms are key to ensuring equal employment opportunities. He believes that practical policies are needed to support young entrepreneurs and promote dynamic entrepreneurial activity.

For example, Chongqing has simplified the business registration process with online services and streamlined business license procedures. The city also offers coworking spaces and shared office resources in excellent locations. Initiatives such as the Liangjiang Collaborative Innovation Zone provide affordable office space with essential amenities, fostering an ecosystem that supports entrepreneurial activities.

He emphasized the government’s role in enabling start-ups and facilitating global entrepreneurial ventures. In particular, it reformed company registration and visa regulations to attract more international start-ups, supporting a diverse and dynamic entrepreneurial ecosystem.

Asia Youth Dialogue event “Entrepreneurship and Innovation for Youth”, organized by the Western China International Communication Organization, will take place on June 14 in China Chongqing, Singapore and Pakistan simultaneously. It aims to foster dialogue between young entrepreneurs from China, Southeast Asia and South Asia, focusing on innovation and challenges facing emerging economies.