Asian entrepreneurship: A defining force reshaping the global economy

Editor's Note: Wang Xiaoyi is a professor at the School of Management, Zhejiang University. The article reflects the author's views, and not necessarily those of CGTN. It has been translated from Chinese and edited for brevity and clarity.

The 2025 Summer Davos Forum explores a core theme, "Entrepreneurship for a new era". At a critical moment when the global economy is facing various challenges and transformations, the very meaning of entrepreneurship is being fundamentally redefined. As a scholar of enterprise globalization, I have observed that Asian entrepreneurs are responding to this call through three innovative approaches: turning the sense of responsibility into a competitive advantage, reshaping the logic of innovation through technological inclusivity, and addressing geopolitical gridlocks through openness and collaboration. As Asia now contributes 60 percent of global economic growth, the spiritual core of its entrepreneurship is evolving into a source of certainty in this era of turbulence.

Responsibility-driven strategy is redefining the baseline of business. As the Forum's theme suggests, today's entrepreneurs are not only engines of economic growth but also key forces in tackling global issues such as climate change and wealth disparity. 

At the opening plenary, Chinese Premier Li Qiang called on entrepreneurs to "do more things for the greater good". This ethos encourages entrepreneurs to build a more sustainable and inclusive global economic system through technological innovation, resource optimization, and sharing economy models. For example, the widespread application of artificial intelligence and green technologies has not only boosted productivity but also created new pathways for environmental protection and social equity.

The Asia paradigm, characterized by technological inclusivity, is breaking down innovation monopolies. The region has emerged as the growth engine for the global economy and a source of innovation strength. As the largest economy in Asia, the Chinese economy is transitioning from rapid expansion to high-quality development, with innovation now fueling its economic growth. 

At the same time, other Asian countries like India, South Korea, and Japan have also made remarkable advances in technological innovation and industrial upgrading. Typical examples include India's booming digital economy, South Korea's dominance in semiconductors, and Japan's continuous breakthroughs in high-end manufacturing. These achievements are positioning Asia at the center of the global economy and showcasing a revolutionary breakthrough of Asian enterprises, namely the ultimate test of technological innovation: whether it can empower those at the bottom of the pyramid to become engines of growth.

Open, collaborative and resilient networks are helping mitigate the risks of supply chain fragmentation. Asian entrepreneurs are known for their tenacity and enterprising spirit while being deeply influenced by family and community values. This distinctive cultural gene enables them to swiftly adapt to changes and seize opportunities amid global competition. The resilience of industrial chains stems not from passive defense, but from deep-rooted local integration. In his opening address, Premier Li again underscored Chinese modernization, which differs considerably from the traditional Western modernization model. While Western modernization is often capital-driven and hinges on individualism, Chinese modernization emphasizes common prosperity, green development, and a socialist market economy. This model seeks to promote economic advancement while maintaining social stability. Especially in tackling global challenges (e.g., climate change and economic inequality), Chinese modernization has demonstrated greater resilience and adaptability, offering the "Chinese solution" to global development.

Entrepreneurship for a new era is becoming a defining force shaping the global economy. In an increasingly uncertain world, entrepreneurs must continue to uphold the spirit of innovation and responsibility, working alongside countries worldwide to build a more prosperous, equitable, and sustainable global economic system. Asian entrepreneurs will undoubtedly play a more prominent leadership role in this process. At its core, this evolution represents a shift in business civilization from a zero-sum game to symbiotic growth. 

The National Convention & Exhibition Center in Tianjin has adopted 100 percent green electricity, serving as a telling example that encapsulates this transition: true global competitiveness begins with a sense of responsibility for our shared future.