Beijing’s shift from government-run businesses to new economy models has impacted entrepreneurship, says Capital Link International CEO Brett McGonegal.
“There’s been a huge amount of effort focused on this transition to China 2.0 – from the old smokestack export economy to the new virtual, internet-based consumer demand,” said McGonegal on CNBC’s Squawk Box. “That whole system change, in essence, has created a vacuum for the old way of doing business.”
McGonegal, who is also a principal investor in Asia Times, says that as China changes to a new entrepreneurial model the entrepreneurs figure out a way to make the time element work in their favor.
“Now it’s morphing into a kind of more personal, global business that’s driven by technology,” he said.