The world's civilization started from the day on which everyone received reward for labour (Andrew Carnegie Autobiography 1920)
20 years ago 41 of the worlds 100 most valuable companies were in Europe now down to 15
- US and China grew by creating big companies (Tech Train) while No new firms emerged in Europe
- The rich are mostly entrepreneurs in China and US while The rich are mostly Heirs in Europe
- Policymakers in Europe promote mergers but not competitiveness while R&D is far less than China and US
“Here in China, many are willing to take high risks and live their entrepreneur dream to the fullest. They are working with a ‘try fast and fail fast’ mindset, and function within a more flexible legal environment than in the West in terms of data privacy and security,” said Charles Bark (CEO of Hinounou, a digital healthcare platform trying to help seniors live healthier lives)
• China's transition from manufacturing hub to tech hotbed has largely been driven by government policies.
• Collaboration between industry and academia in Zhongguancun, China’s Silicon Valley, has created a nurturing environment for start-ups.
• The country's immense domestic market is an environment in which competition drives success.
With a median age of 38, China is not as young as the other Asian demographic giant, India, whose median age is just under 27. The demographic picture in China is an inverted pyramid caused by China’s one-child policy, launched in 1979.
China has the 4-2-1 crisis: four grandparents for every two parents for every one child.
One child is the recipient of two generations of money, love, attention, dreams — and huge amounts of pressure result in generational spending power that is pretty astounding
According to both McKinsey and Bain, China will account for roughly half of all global luxury spending by 2025
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