A field survey of overseas Chinese enterprises operating in 18 countries across South Asia, Southeast Asia, the Middle East, and Africa found that while Chinese enterprises are expanding the scale of their overseas investment, they are also facing development challenges such as financing obstacles, market entry anxiety, labor shortages, and peer competition. These challenges arise from innate constraints in accessing information and their perceived foreign identity.

Firstly, when overseas Chinese enterprises apply for loans from host country banks and financial institutions, they encounter numerous institutional obstacles. Some banks and financial institutions give priority to the funding applications of domestic enterprises, often overlooking the financing demands of Chinese enterprises. Alternatively, due to considerations regarding the profitability potential and debt risk of these enterprises, host country banks tend to rigorously scrutinize credit approvals for small and medium-sized Chinese enterprises. Some local banks rely solely on guarantees provided by international banks as a reference for evaluating the financing qualifications of these Chinese enterprises, further complicating the financing process. Additionally, inconsistencies among the corporate credit rating agencies of host country banks and financial institutions create biases in credit rating assessments, exacerbating the burden of guarantee on Chinese parent companies.

Moreover, the lack of essential information for loan applications by Chinese enterprises, coupled with delays in updating loan information by host country banks and financial institutions, prolonging the processing times associated with their loan application.

Secondly, due to cultural differences and operational practices, overseas Chinese enterprises often encounter a crisis of trust and confidence stemming from their perceived foreign identity, resulting in varying degrees of market entry anxiety. The process of obtaining approvals from host country government departments for essentials such as electricity, water, and network usage is excessively lengthy, posing significant challenges for Chinese enterprises. Moreover, inadequate infrastructure in the host country frequently leads to large-scale power outages and network disruptions, further hindering the business operations of Chinese enterprises. Additionally, local governments tend to impose excessive regulatory pressures on Chinese enterprises, adding to their operational challenges.

Thirdly, as a result of a disconnect in information communication between overseas Chinese enterprises and local job seekers, there is a persistent labor shortage. Most Chinese business operators find it challenging to recruit employees in the host country’s labor market who possess both technical skills and proficiency in Chinese. Conversely, local employees often struggle to obtain recruitment information in a timely manner, as standard recruitment methods like attending job fairs, obtaining job recommendations from graduating schools, and registering with local job placement agencies are not common in these local labor markets.

In addition, the inertia in human resource development within overseas Chinese enterprises further aggravates the problem of labor shortage. The majority of local employees, who receive mainly induction training, never receive any regular skill development training after joining the company.

Fourthly, increasing peer competition among Chinese enterprises is perceived by Chinese business operators as a major business risk in the coming year. On the one hand, internal tensions arise between the conflict of rising investment levels and market performance of peer Chinese enterprises in the local market, and their increasing costs of labor, raw materials, and fuel, coupled with declining overall profits and sales revenue. On the other hand, competition for capital in business subtly fosters psychological barriers to cooperation and communication among peer Chinese enterprises.

Additionally, due to the lack of well-coordinated industry norms and regulations in the local market, some Chinese enterprises resort to participating in bidding wars at below-cost prices or maliciously slandering peer competitors to local government agencies, resulting in disorderly competition within the industry.

In conclusion, amidst the evolving international landscape and diverse constraints within the host country’s business environment, overseas Chinese enterprises must continue to enhance their financing capabilities and internal management proficiency, while simultaneously fostering sustainable relationships with local government authorities, banks, employees, and communities. This is essential for maximizing the overall value of the enterprise’s economic benefits, social impact, and international reputation.

 

Over decades, market-oriented reforms have both revitalized China’s economy and re-shaped the Chinese societal character. The market division of labor and the sense of free and fair market subjects and trade have cultivated a sense of individualism among the populace. However, they have also engendered concerns about social atomization.

The competitive nature of the market has cultivated a strong work ethic among the people, yet it has also set the stage for the emergence of “excessive peer competition.” If the phase of economic expansion shaped individuals with spirited rationalism, the current economic contraction phase witnesses a gradual shift towards excessive peer competition and social atomization. Recent years have seen a discernible transition from the former to the latter.

In recent years, the proliferation of certain internet terms, such as “involution” (Neijuan 内卷), “lying flat” (Tangping 躺平) and “let it rot” (Bailan 摆烂), have painted a negative picture of the Chinese youth: they grapple with repeated setbacks in their careers, express frustration over unreciprocated efforts, and consequently, loose the drive to pursue personal advancement with the same vigor as previous generations.

Beneath this trend lies a profound transformation in our era: the global landscape is shifting from globalization to deglobalization, the domestic market is transitioning from growth-driven to saturation, and production methods are shifting from manual labor to automation. Throughout this process, entrenched development strategies and value systems have often clashed with reality, fostering anxiety and disillusionment among individuals, particularly young people who are still in the process of defining their identities.

However, we have to be aware that the composition of China’s youth is extremely complex. The youth of the middle class tends to take center stage in Chinese online pop-culture. However, beyond the myriad of stories of the younger generation in the middle class, Chinese society seems less pessimistic. While young people are “involution” (Neijuan 内卷) towards seeking stability, opportunities are often found in insecurity.

To break free from the “inward spiral” of excessive peer competition, we must first change our inward-looking perspective and look beyond our current industries and regions. In the midst of such changes, rather than using a magnifying glass to focus on immediate issues, we need a telescope to gaze at the direction of the era.

The forefront of the new era is not solely in Beijing, Shanghai, Guangzhou, or even in Western Europe and North America. It lies in the vast number of small and medium-sized cities and rural areas, in developing regions such as Asia, Africa, and Latin America. These places are experiencing burgeoning development, offering opportunities for young people to demonstrate their talents across various fields.

The individual and the nation, the youth and the present time, are mutually shaping and progressing together. On the one hand, in order to break free from excessive peer competition, young people need to broaden their horizons and embrace uncertainty. On the other hand, the country requires talent mobility that transcends geographical, industrial, and educational boundaries to achieve industrial advancement in various aspects.

Today’s youth are not only the great achievement of China’s modernization but also the active subjects of future modernization construction. In this dynamic era, Chinese-style modernization provides a broad field of practice for youth development. If young people can integrate their personal growth with national development, and if they can incorporate the pursuit of personal values into China’s modernization construction, their meaning of life may become more fulfilling.

The new generation of Chinese youth should master advanced technological productivity, possess a global perspective, and be able to settle down and establish roots wherever they find themselves. Amidst a dynamic and challenging environment, the ability to find a sense of belonging and stability despite competitive pressures and personal uncertainty can indeed lead to future breakthroughs.

 

 

 

Today, the phenomenon of “excessive internal competition” is not only occurring at the economic and social levels, but also at the level of humanistic spirit and knowledge production. This is particularly evident among scholars, the knowledge-based middle class, and young students who serve as a reserve force for the middle class, regardless of their political orientation. At the level of the relationship between knowledge and action, modern humanistic academic production has entered a “transcendental” state akin to ACG subculture, where symbolized conceptual systems self-perpetuate, lacking genuine dynamism.

Western neo-liberalism, as a kind of false ideology that masks actual production relations, has fallen into hysterical stagnation in the face of this crisis. In contrast, the leftist critical theory developed in the West in the late 1960s lacks comprehensive political applicability, thereby becoming a value proposition fixated on theoretical precision within the confines of theory.

In contrast, in China, countless liberals, faced with this dilemma, have repeatedly called for a return to the “New Enlightenment” of the 1980s. Many left-wing academics are overly fastidious and critical of practical realities, often talking about opening up new possibilities but unable to recognize those that have already emerged.

Liberals emphasize levels of conceptual understanding, while leftist academics are ensnared in a fixation on theoretical correctness. Political ideological education is therefore stuck in a state of rote learning, and quantitative research in the social sciences is unable to produce qualitative insights. Quantitative research can therefore be described as exquisite yet useless, representing a key characteristic of “excessive peer competition.”

Cao Fengze’s core idea revolves around the concept of “go to Africa,” proposing a methodology aimed at transcending domestic barriers and combating the phenomenon of excessive peer competition. China finds itself trapped in repetitive, low-dimensional competition globally due to the economic sanctions and political pressure imposed by the United States and the West. To counteract this trend and break free from this stagnation, Cao suggests that China should engage in infrastructure assistance in Africa.

Cao’s emphasis on “Africa” serves as a metaphor, symbolizing the “global South” and all other marginalized regions that have been neglected and degraded by the established world order. From China’s Xinjiang, through to Central Asia and the Middle East, and eventually reaching Africa, the “Belt and Road” initiative is taking shape, linking these regions through shared ideas, emotions, and perceptions. Substantial progress has already been made in these interconnected areas.

In terms of action, one mechanism that drives youth towards the “global South” is the state-promoted initiative known as the contemporary version of the party slogan “Up to the Mountains and Down to the Countryside Movement.” However, in order to be fully effective, this initiative requires a comprehensive support system. Fifty years ago, this movement was supported by idealism and social system coordination. These are no longer sustainable in the contemporary era, which is characterized by excessive educational refinement and societal consumerism.

Another mechanism is the way Western imperial powers expanded their territories through colonialism, as depicted in works like “Robinson Crusoe” and “Lawrence of Arabia.” Although the spirit of the “Up to the Mountains and Down to the Countryside Movement” remains essential to our society, the old path is no longer viable for us to follow, nor is the misguided path of Western imperial powers.

In today’s world, is it possible to create a new path that balances idealism and realism? How can we align mechanisms with the conceptual “Belt and Road” initiative to open up imaginative space and create more pathways to the “global South” for young people? It requires practical action from political parties, intellectuals, and the populace, collectively fostering a new unity of knowledge and action, striving to develop a new theory of cultural centrality or a sense of shared human destiny.

The emergence of this new ideological discourse system will not happen overnight. Much like the European Renaissance, it will not spring forth suddenly but will rather arise against a backdrop of decadence, excessive internal competition, and the “lying flat” (Tangping 躺平) movement in the years of the Black Death. This period witnessed heightened iniquitousness depicted in works such as “The Decameron” and “Gargantua and Pantagruel.”

Currently, a new Age of Discovery and a “dual revolution” are rising on the horizon. The dichotomy between breakthrough exploration and excessive internal competition represents the conflicting experiences of young people in the modern era, involving both intellectual pursuits and emotional struggles. Furthermore, these contrasting forces also serve as the dual rhythms driving the creation of a new world.