SHENZHEN, CHINA - Media OutReach Newswire - 14 September 2024 - The fifth (2024) Private Entrepreneur Grand Conference (PEGC) convened on Sept 5 and 6 in Shenzhen, Guangdong province. Hosted by leading Chinese educational institution Bosum Institute of Management Science and the Bosum Association, this year's conference brought together more than 8,000 private entrepreneurs from across China, with its livestream garnering over a million views. Under the theme "Innovation Drives Development, New Quality Wins the Future", the conference featured 13 keynote speeches and a roundtable discussion, shedding light on the innovative development paths for private enterprises in the era of new quality productive forces. Cutting-edge topics addressed at the event included enterprise growth strategies, AI application scenarios, enterprises going global, and brand development. The roundtable discussion on "Innovation and Opportunities for Private Enterprises Under New Quality Productive Forces" saw industry experts and business leaders engaging in in-depth dialogues covering various aspects of new quality productive forces, including the interpretation, practical application, brand upgrading and enterprise growth, unveiling emerging trends and helping private enterprises navigate the contemporary business landscape. In the opening speech, Zeng Renwei, Co-founder and Dean of Bosum Institute of Management Science, pointed out five key trends worth noting for private enterprises. These include the growing demand for affordable products due to demographic shifts and economic outlook, intensifying competition resulted by insufficient demand, increasing geopolitical influences on exports, industrial revolution driven by AI and emerging technologies, and the adoption of innovative management practices to boost efficiency and lower costs. "PEGC 2024 aims to help entrepreneurs understand major trends, develop new quality productive forces, and leverage AI to enhance efficiency. These insights will enable them to gain competitive edges through innovations in management, products and marketing, while choosing favorable strategies to go global in the current landscape and finding new forces for bucking the trend," Zeng said. The fifth consecutive year cohosting the event, the Bosum Association serves as a comprehensive service platform of exchange, collaboration and mutual support for private entrepreneurs, and remains committed to fostering growth in China's private sector. Liu Zhongping, Director of the Bosum Association, noted in his speech that a new round of technological revolution is stimulating the internal driving force and innovative vitality across various business entities. New quality productive forces represent the new frontier of industrial layout for private entrepreneurs, and leveraging these forces to promote high-quality development is crucial for breakthrough growth. New Paths for Private Enterprise Growth As the ongoing technological revolution and industrial transformation continue to reshape the global economic landscape, Chinese private enterprises face a profoundly changing external environment. In response, industry experts shared their insights on navigating the new growth cycle at the conference. In a keynote speech titled "New Quality Productive Forces and Corporate Strategy", Ning Gaoning, former chairman of Sinochem Holdings, addressed the crucial role of enterprises in developing new quality productive forces and the need to reform traditional management practices. "Enterprises must readjust their thinking and organizational processes, prioritizing technological innovation and product R&D upgrades, so as to perceive how elements of new quality productive forces affect their own enterprises and create new opportunities," Ning stated. According to Chinese macroeconomist Xiang Songzuo, China's economy faces three fundamental transformations: from high-speed to high-quality, from growth-driven to asset-based, and from industrial to intelligent. Addressing the new growth cycle, Xiang offered five key suggestions for private entrepreneurs: choosing the right business sector, adhering to long-term strategies, being rooted in "business for good" core values, developing proprietary technology and brand identity, and fostering innovative organizational cultures that promote shared success among employees. Founder of Skyworth Group, Huang Hongsheng, expressed a similar view: "In the era of globalization, private enterprises should continuously strengthen their organization structure and focus on talent selection and cultivation, attracting those with innovative thinking, professional skills and a strong sense of responsibility. Meanwhile, they should provide ample training opportunities and growth prospects, to enhance the team members' potential and comprehensive abilities." As for how enterprises should reconstruct omni-channel growth in the new business era, business architect Zhang Qi...