 Over the last few decades, China has transformed from a centrally planned closed economy to a global manufacturing and exporting hub, thereby, making it the second largest economy in the world. Despite a strong State presence, Chinese entrepreneurs have successfully created a new market by combining Western technology and innovative ideas.
Edward Tse is the founder and CEO of Gao Feng Advisory Company, a global strategy consulting firm, and the former Chairman for Greater China of Booz & Company. He has aptly traced back the history of key Chinese entrepreneurial giants as they have contributed in shaping not only the Chinese economy, but also the global economy. For him, "the emergence not just of a richer and more powerful China, but also a more confident, relaxed China" perfectly illustrates the crux of the rising private entrepreneurial spirit in China.
Tse focuses on various Chinese business pioneers such as Alibaba's Jack Ma, Haier's Zhang Ruimin, Baidu's Robin Li, and Huawei's Ren Zhengfei. These pioneers are particularly interesting as they have broken out of the typical mould of a Chinese business executive and are advocates of social and environmental change in a country that is viewed as rigid and inaccessible by Western standards.
The author analyzes important aspects of the Chinese economy and does an accurate job representing the difficulties faced by most companies in China. There are a few anecdotes regarding the difficulties faced by entrepreneurs while dealing with a centralized State, but the most interesting aspect is the role of the consumers. Tse describes the Chinese market as one that has no rules - no brand loyalty and intense competition - making it unlike any other market in the world.
The book is a must for those who are looking to understand China's market and economy. Tse looks beyond the well-known names - Alibaba, Baidu, and Haier - and highlights some of the upcoming giants - Xiaomi, Yihaodian, and Huawei - who have moved beyond China and are making a mark in the global markets.
Tse highlights the role of the internet and its contribution to the rise of some entrepreneurial giants. The internet laws and censorship is one of the most fascinating aspects of China, especially as a majority of the upcoming business in China have a strong link to e-commerce. This further reinforces the undeniable and closely intertwined role of the State to the country's economy.
The book is a good starting point for anyone who wishes to understand the current economic situation in China. With the economy booming, Chinese consumers
are not holding back and with more success stories like those of Jack Ma, Robin Li, and Ren Zhengfei, the Chinese Dream is slowly becoming a reality.
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