Entrepreneurial Spirit for China in theNew Era and Strategies for Cultivation

Xu Yuanhua1, He Jun*2, Sun Zao3, Li Xiaoke4

1 School of Economics, Lanzhou University, Lanzhou, China

2 Institute of Industrial Economics, Chinese Academy of Social Sciences (IIE-CASS), Beijing, China

3 School of Economics and Finance, Xi’an Jiaotong University, Xi’an, China

4 School of Economics, Zhongnan University of Economics and Law, Wuhan, China

Abstract: What type of entrepreneurial spirit is needed for China’s new era, and how canwe unlock its innovation potential? Answers to these questions will unleash vital forces todrive China’s high-quality economic development. After reviewing the theories, dimensions,features, and limitations of the entrepreneurial spirit in the Western context, we concludedthat the entrepreneurial spirit in China’s new era, which is characterized by patriotism,innovation, trustworthiness, adherence to the law, fulfillment of social responsibilities, and aglobal horizon, has overcome the limitations that come with self-interested entrepreneurshipin the context of Western economics. This is a major step forward in the development oftheories on entrepreneurial spirit. In the development context of the new era, this paperargues that the entrepreneurial spirit should become an important force at the individuallevel to implement the new development concept, foster the new development paradigm,and promote high-quality development in the new stage. This paper provides answers to thequestion of what type of entrepreneurial spirit China’s new era requires. Finally, this paperpresents basic strategies for cultivating entrepreneurial spirit in the context of China’s newera, emphasizing the importance to promote the healthy growth of young entrepreneurs,ensure their business autonomy, develop a multi-tiered capital market, implement the factormarket reforms, improve the business climate, and accelerate the digital transition.

Keywords: Context of China’s new era, context of Western economics, entrepreneurial

JEL Classification Codes: B20, O10, P31

DOI: 10.19602/j.chinaeconomist.2024.09.03