Some of China’s most prominent businessmen are trying to rein in debt and look to boost growth this year, even as the Chinese government seeks to boost domestic economic prospects and call for more private investment. The company is also turning its attention to overseas markets.
“Last year’s economic recovery was not as fast as we expected. Private companies still face great pressure,” said the founder of Fosun Group, one of China’s largest private conglomerates. Guo Guangchang said.
The 56-year-old is a respected voice in China’s entrepreneurial world, and Forbes estimates that his net worth has fallen to US$4 billion in 2023 from a high of US$8.1 billion five years ago.
“But the worst awaits. Only those who can survive can get more chances,” he said at the Zhejiang Chamber of Commerce and Industry’s annual meeting in Shanghai over the weekend. .
China’s economy has ‘real potential’ in 2024, think tank predicts 5.3% growth
China’s economy has ‘real potential’ in 2024, think tank predicts 5.3% growth
Private investment fell 0.5% year-on-year in the first 11 months of last year, but private real estate developers are highly exposed to the ongoing debt crisis.
Guo believes that many private companies are in trouble because of their business strategies of high debt and heavy asset loads.
Such business models are considered particularly vulnerable if the Chinese government turns to deleveraging to address financial risks, and because they rely on consumption and innovation to drive growth. There is.
The era of runaway growth is over
Mr. Guo has been selling off a number of underperforming assets in recent years to bet on core themes such as bioscience, pharmaceuticals and tourism.
Fosun, once one of China’s most prolific buyers of global assets, has sold stakes in companies ranging from steelmaking to beer brewing since 2022.
“The era of runaway growth is over…future profitability can only be derived from craftsmanship, technology and good management,” Guo said.
Mr. Guo also encouraged more Chinese companies to expand into international markets.
“If you can survive in a highly competitive housing market, you can succeed almost anywhere,” he added.
“The key is to extract profits from overseas markets by shipping and selling around the world.”
A key area of overseas expansion lies in the Belt and Road Initiative, China’s ambitious plan to exert economic influence in more than 60 countries in Asia, Europe, Africa and South America.
We need to follow the country’s “globalization” strategy
Wang Junjin, chairman of Shanghai-based Junexiang Group, said that despite the current economic difficulties, local entrepreneurs will continue to actively explore business opportunities overseas.
“We must refuse to lie down,” he told a weekend rally, doing the bare minimum to survive and striving for nothing except what is absolutely necessary to survive. He mentioned this social trend.
“Instead, we need to follow our national ‘globalization’ strategy, stick to our core business and embrace change.”
China’s non-financial foreign direct investment increased by 12.7% year-on-year to USD 115.7 billion in the first 11 months of 2023.
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