Chinese Entrepreneurs Called to Upgrade Businesses

Chinese entrepreneurs all over the world should strive to build moderan and professional businesses as the global environment continues to evolve, Singapore Prime Minister Lee Hsien Loong said on Oct. 6.

Speaking at the opening of the 11th World Chinese Entrepreneurs Convention in Singapore, Lee said many ethnic Chinese have been successful entrepreneurs in many parts of the world and contributed to the communities after their success.

The world economic system has undergone fundamental changes over the past decades as Asia grew fast and new technologies alter the business landscape and restructure jobs and entire industries by increasing connectivity, shrinking global supply chains and opening new markets, he said.

Lee said most Chinese companies started off as family businesses but such a basis of business has its limits. Citing the example of China's telecommunications solutions supplier Huawei Technologies which has now come to be a Fortune 500 company, he said the company hired consultants to revamp its management systems when it began to internationalize.

"Beyond a certain point as companies grow and expand, the family structure no longer works. These businesses have to adopt a more systematic and professional structure ... That is the way to go," he said.

Lee urged the Chinese entrepreneurs to continue enhancing their links with one another, which is a strategic resource for the entrepreneurs located all over the world.

He also urged Chinese entrepreneurs all over the world to strengthen their links with their local communities and go beyond merely growing the business and share their success with the community they belong to, he said.

The 11th World Chinese Entrepreneurs Convention was a biannual event organized by business chambers of several regionals and countries. Hosted by the Singapore Chinese Chamber of Commerce and Industry this year, it gathers over 4,000 participants from more than 30 countries and regions.

The convention launched its new permanent logo on Thursday in a bid to build a modern image.

Huang Mengfu, vice-chairman of the National Committee of the Chinese People's Political Consultative Conference, said the Chinese entrepreneurs played an important role in the development of the Chinese economy over the past decades.

China will continue to pursue the path of peace and development as the world goes through another round of industrial revolution marked by green and innovative technologies, and Chinese entrepreneurs will be welcome to invest in China, he said.

Source: Xinhua