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China's enterprising youth prefer to be self-employed ( 2003-07-25 14:19) (Xinhua)
Chen Tianqiao, known as "the Chinese Bill Gates", the head of China's leading on-line game operator -- "Shanda Networking" recently earned the new title of delegate to the 15th National Congress of the Communist Youth League of China (CYLC). This 30-year-old billionaire is currently attending the 15th national congress of the CYLC in the capital of Beijing. Chen, together with four friends, started his own Internet company at the age of 26. Three years later, his company has 68 percent of the domestic Internet game market. The on-line games "Legendary" and "Chuangqi" exclusively run by Chen's company, are the most profitable Internet games in China, and Chen has become a legendary figure in the minds of millions of Chinese young people. Enterprising young CEOs are definitely the most popular idols of today's Chinese youth. Among the top ten outstanding Chinese youth of 2002, four are Chief Executive Officers (CEOs) and board chairmen. It is the first time that such a large number of CEOs was selected since the campaign was initiated by the All-China Youth Federation and the China Youth Development Federation 13 years ago. "When I started my own business, the country happened to be in an open and prosperous era, characterized by a dramatic rise in the number of Internet surfers. My business, therefore, developed smoothly," Chen went on to say that "if I had opened a private company prior to China's implementation of the reform and opening-up policy, we five young men would not have been able to remain afloat much less attract venture capital from society." Today, a group of elite young entrepreneurs shared Chen's story and feelings, and their success is changing the career expectations of Chinese youth. Hong Jun, a university graduate recently employed by a Beijing-based foreign company, said that he is planning to open a comic book store when he turns 30, when he will have plenty of social experience and capital. "Since I was a child, I have dreamed of being my own boss. Now, the fact that more and more young Chinese are going from rags to riches has sparked my enthusiasm again," he added. Shui Li, delegate to the 15th national congress of the CYLC, who runs her own flower shop, said young people starting their own businesses affirm their social value and contribute to social and economic development. As early as 1999, the CYLC had already begun encouraging young people to set up their own companies. In the same year, the prestigious Qinghua University authorized students to start their own businesses, offering a leave of absence. In January 2000, the Ministry of Education gave a nod of approval to Qinghua's pioneering behavior, and very soon, the country's other universities began following suit. In May 2003, the CYLC opened www.chinajc.com, a Website, to help young people apply for start-up loans from banks. Statistics released from the China Bank Shanghai Branch show that private start-up loans constituted the bank's fastest-growing service last year. "Government policies and social attitudes towards young people's attempts to run their own businesses have matured. With respect to today's young Chinese who intend to start their own businesses, their success will depend on them," Chen said.
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