China's Government Hails Country's Top 100 Entrepreneurs of Past 40 Years
Guo Jinhui
DATE:  Oct 26 2018
/ SOURCE:  Yicai
China's Government Hails Country's Top 100 Entrepreneurs of Past 40 Years China's Government Hails Country's Top 100 Entrepreneurs of Past 40 Years

(Yicai Global) Oct. 25 -- The Chinese government has acknowledged the country's top entrepreneurs in a list of 100 private sector business people that includes the likes of Lei June, founder of Xiaomi, and Ren Zhengfei, who set up Huawei Technologies.

Individuals were chosen for being role models during the development of China's non-state economy over 40 years of reform and opening up and for their wider impact on society. The list was released at a press conference yesterday. The United Front Work Department of the Central Committee of the Communist Party of China and the All-China Federation of Industry and Commerce together spent four months making the selection.

Others to make the cut were Jack Ma and Pony Ma, the unrelated respective founders of tech giants Alibaba Group Holding and Tencent Holdings; Liu Chuanzhi, who established computer maker Lenovo Group; Lu Guanqiu, the late founder of auto parts supplier Wanxiang Group; and Nian Guangjiu, the man behind Anhui Fool Group, which makes a popular snack brand from watermelon seeds.

China's private sector has come in for praise at the highest political levels in the past week. The People's Daily Online reported President Xi Jinping as saying the sector has become an important driving force for social and economic development, while the State Council, or cabinet, said it's an important contributor to socialism with Chinese characteristics.

The country had more than 27.3 million private companies at the end of last year, with the private sector contributing more than half of all tax revenue, over 60 percent of gross domestic product, and more than 70 percent of tech innovation. Non-state firms have also generated more than 80 percent of urban jobs, as well as at least 90 percent of new jobs and businesses.

But private firms are under great pressure due to difficulties in transformation, trade frictions between China and the US, as well as the volatile stock and bond markets, New Hope Group Chairman Liu said in an interview with Yicai Global. He hopes the government will step up reforms and cut taxes and fees to give entrepreneurs more confidence.

Business people involved in pushing the 'Made in China' project overseas were also chosen for inclusion in the prestigious list. Their numbers include Zhejiang Geely Holding Group Chairman Li Shufu, Great Wall Motor Chairman Wei Jianjun, Fuyao Glass Chairman Cao Dewang, and Tao Bihua, founder of Laoganma Special Flavour Foodstuffs, a maker of chili sauces.

Entrepreneurs devoting themselves to national strategies such as the Belt and Road initiative or who are dedicated to charity work also made it onto the list. Liu Yonghao, founder of animal feed maker New Hope Group, has invested more than CNY5 billion (USD700 million) in underdeveloped areas in the past 25 years. China Evergrande Group President Xu Jiayin was mentioned because the property mogul has donated CNY11 billion (USD1.6 billion) for poverty relief since 2015. 

In a letter dated Oct. 20, Xi Jinping wrote to entrepreneurs involved in a poverty relief program to encourage them to keep on developing their businesses. 

Editor: Emmi Laine 

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Keywords:   Private Entrepreneur,Economy,Innovation,TECHNOLOGY,Policy