During a news conference on October 14, officials from four key departments—Market Regulation Administration, Ministry of Industry and Information Technology, Ministry of Justice, and Financial Regulatory Bureau—unveiled a series of supportive policies aimed at alleviating burdens on businesses and fostering a fair competitive market environment. These measures are designed to assist enterprises in navigating current challenges, emphasizing the importance of safeguarding legitimate business rights and ensuring resource support for all business entities.
Businesses are the driving force of economic growth. When enterprises thrive, the economy gains momentum. The vibrant landscape of business development reflects the resilience and dynamism of China’s quest for high-quality economic growth.
In a recent visit to the International Trade City in Yiwu, Zhejiang, I observed merchants gathering each morning to learn English to facilitate more effective communication with foreign clients. Some shop owners have even started live streaming sessions aimed at overseas customers, striving to enhance the global outreach of Chinese manufacturing. Meanwhile, in Shaodong, Hunan, innovation in technology has propelled 114 companies in the lighter production sector to collectively capture 70% of the global disposable lighter market, creating a distinctive industrial cluster for small and medium-sized enterprises.
To many, these may seem like ordinary economic activities. However, viewed against today’s economic backdrop, they carry deeper significance, raising fundamental questions about how businesses and entrepreneurs should confront difficulties and identify opportunities within challenges.
Despite external pressures like “decoupling” and “small courtyards with high walls,” Huawei has remained steadfast, successfully launching the world’s first mass-produced foldable phone, achieving remarkable market presence. During a downturn in the photovoltaic sector, TCL Zhonghuan announced a $2.1 billion investment in Saudi Arabia to establish the largest overseas crystal chip factory, bolstering its global competitiveness.
China’s economy can be likened to a vast ocean. It experiences both calm and stormy weather—while a storm can disrupt a small pond, it cannot upend the ocean.
Throughout this year, China’s economic performance has remained generally stable but has also faced new challenges. External conditions have become more complex and severe, with major economies experiencing weakened growth and heavy debt burdens. This has led to widespread interest rate cuts and increased market volatility, compounded by escalating global trade protectionism and rising uncertainties. Domestically, downward pressure on the economy has intensified, with key indicators like industrial output and investment fluctuating. Some industries are facing fierce competition, while several businesses are struggling to adapt to changes in optimization or transformation, resulting in challenges such as stagnant production without profit boosts.
Chinese culture often frames difficulties and challenges as “crises,” embodying a unique philosophical perspective. Extracting opportunity from adversity requires confidence, foresight, and wisdom.
Reflecting on history, during the 2008 global financial crisis, KFC confidently expanded in the Chinese market, opening a new store every day and solidifying its leadership in fast food. Apple emerged from the internet bubble burst in 2001 with the revolutionary iPod, which was met with widespread acclaim. Microsoft was founded during the economic downturn of the early 1970s and became a leader in computing. The history of economic development is replete with examples of companies that leveraged crises as opportunities for remarkable growth.
The future of a company is determined not solely by the quantity of difficulties it faces, but by its perspective on challenges, its determination to solve them, and the strategies it employs. Entrepreneurs must learn to identify opportunities amid difficulties, embracing challenges head-on. As TCL’s founder, Li Dongsheng, aptly puts it, “During tough times, businesses must not only maintain confidence but also seek opportunities within those challenges.”
A dialectical view reveals that the process of addressing difficulties often leads to new opportunities and developments. Currently, China’s economic path—characterized by waves and twists—holds significant opportunities for businesses seeking to find chances within crises.
Opportunities in the business environment—As we advance towards high-quality development, many enterprises must adapt from traditional, resource-intensive models to meet new demands, facing operational challenges as they undergo transformations. The continuous phasing out of outdated capacities and the natural selection of business entities will create a more favorable environment for strong companies. High-quality development involves ongoing structural adjustments and transformations, and within this journey, new challenges will invariably emerge, ultimately leading to superior quality growth. Each experience of overcoming difficulties presents an opportunity for exceptional enterprises to rise.
Opportunities in factor costs—Currently, China enjoys notable advantages in various resources that support business growth, providing motivation for advancement. For instance, the country produces over 5 million STEM graduates annually, offering a vast pool of high-quality talent at relatively low costs. Furthermore, financing costs are historically low, facilitating expanded access to financial resources for businesses. Meanwhile, competitive pricing for land, raw materials, and services adequately meets the accelerated growth needs of enterprises.
Opportunities from demand upgrades—Trends like “Guochao” have gained popularity, and the rise in cultural and tourism consumption reflects a shift from imitative to personalized and diverse consumption patterns. While some companies may struggle with unsold inventory, this shift opens new avenues for industrial upgrades and innovation. Examples abound, from the soaring demand for Liuzhou river snail rice noodle and Qianjiang river lobster to the popularity of Tianshui spicy hot pot and Harbin’s snow attractions—illustrating the power of supply to create demand.
Opportunities in technological innovation—We are standing at the intersection of a global technological revolution and industrial transformation, a unique historical opportunity alongside severe challenges. New sectors like artificial intelligence, biomanufacturing, commercial aerospace, and low-altitude economy present immense prospects for those who prioritize innovation, allowing companies to strategically position themselves for future competition.
Opportunities from policy support—In recent times, several governmental departments have rapidly implemented measures to stabilize economic growth and promote high-quality development, creating a favorable macro environment for businesses. Concurrently, regional governments and departments are committed to supporting companies through challenges and enhancing the regulatory landscape. With the benefits of comprehensive policy measures becoming increasingly apparent, market expectations are improving, paving the way for greater opportunities for business growth.
Philosophically, “difficulty” is a constant theme on the path of progress in any field, yet “crisis and opportunity always coexist; overcoming the crisis transforms it into opportunity.” This profound dialectical perspective reminds us that challenges are inevitable—“when have there been no challenges? We overcome them one by one, year after year, as the Chinese nation has done for over 5,000 years. Climbing hills requires bolstered confidence.”
“Hard work, daring to venture, focusing on actual industries, and excelling at core business”—since the reform and opening up, the dedication of countless entrepreneurs has shaped today’s Chinese economy. Chinese entrepreneurs are courageous, visionary, innovative, and effective. In this critical period of navigating challenges and striving for progress, they are poised to inherit and embody the entrepreneurial spirit, reinforcing confidence and moving forward boldly to lead their businesses toward better development. The resilient Chinese economy will surely navigate its path toward sustained, high-quality growth. The prospects for China’s economic development are bright, and we have the confidence to face the future.
