Overseas Chinese entrepreneurs contribute to high-quality growth
By Zhang Shasha  ·  2023-06-30  ·   Source: Web Exclusive

“Overseas Chinese entrepreneurs are inheritors of the Chinese nation’s virtues of diligence and intelligence. They have made huge contributions to global economic development and are valuable resources for China’s high-quality development,” Tang Yuan, Vice President of China Urban-townization Promotion Council, said at a forum on overseas Chinese entrepreneurs hosted by China News Service on June 29.  

During the War of Resistance Against Japanese Aggression (1931-45), they made donations to support their home country; after the country embarked on its journey of  reform and opening up in 1978, they were the first to invest in it; and today, as China has become the second largest economy in the world, they have bright prospects to participate in the Belt and Road Initiative, a China-proposed initiative that aims to boost connectivity along and beyond the ancient Silk Road routes, and introduce advanced experiences, he explained.  

In serving China’s high-quality development target, these businesspersons play a crucial role in promoting people-to-people diplomacy. As they have lived and worked in overseas places for extended periods, they have a good knowledge of local conditions. They serve as a bridge between domestic enterprises and overseas authorities and companies, helping them better adapt to overseas environment and lower investment and trade risks, Tang continued, adding that on the other hand, these entrepreneurs are also indispensable for introducing overseas investment as well as advanced technologies and management experiences.  

Being one such entrepreneur, Shi Qianping, Chairman of DMI Industrial Group, a Shandong-based hi-tech industrial park investment corporation, agreed with Tang. He believes overseas Chinese businesspeople can fully use their global interpersonal network to facilitate two-way exchanges.  

“Because I am an overseas Chinese entrepreneur myself, I myself have encountered the problems many are facing right now and we share our experiences and resources,” Shi said at the forum. He said DMI had a Jinan-based international industrial park and over the three-year pandemic period, the park had attracted more than 200 overseas Chinese operated companies and they had contributed to local GDP growth.  

Overseas Chinese entrepreneurs also help young generations of their families to strengthen their ties with their roots. Young generations of overseas Chinese have received Western-style education and usually acquire information about their ancestral country from overseas media, so they often lack a sense of national and cultural identity. “This is a common issue for many young overseas Chinese,” Shi said, “We, as the older generation, serve as a bridge.” 

Shi’s son, for example, started exploring his roots after enrolling in Beijing’s Tsinghua University. Shi said his son can be an envoy of Chinese culture.  

“Meanwhile, China’s resilient development amid current headwinds and uncertainties also brings overseas Chinese entrepreneurs valuable opportunities and more space for growth,” Shi underscored.  

Wu Sa, Deputy Director of the Institute of Economics at the Chinese Academy of Macroeconomic Research, said at the forum that high-quality development features profound connotations which include modern industrialization, rural revitalization, coordinated regional development and high-quality opening up, all of which require society’s joint efforts.  

“Overseas Chinese have played unique roles throughout the different historical periods of China’s evolution, construction and reform and they are an integral part of promoting China’s high-quality development,” he added. 

Copyedited by Elsbeth van Paridon 

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