On 18 January, the 9th Shanghai Forum Themed Zhejiang Entrepreneurs in the World & 2025 Annual Meeting of ZCCS (Zhejiang Chamber of Commerce in Shanghai) took place at the Shanghai International Convention Center. The forum, themed around “Surging Forward”, highlighted the resilience, innovation, and ambition of Zhejiang entrepreneurs amid China’s economic tides, bringing together academics, experts, technology pioneers, and renowned entrepreneurs to discuss future development. Guo Guangchang, Chairman of Fosun International, delivered a keynote speech, sharing his insights on macroeconomic landscape, innovation in private enterprises, the vast Chinese market, and globalization opportunities.

Guo Guangchang said, “This winter feels warmer than the previous one, both in terms of the weather and the economic climate. Many of the negative factors are gradually being absorbed, which once again demonstrates the remarkable resilience of China’s economy. Although uncertainties persist, I believe 2026 will definitely be a year brimming with optimism and promise. We are well-positioned to charge forward and strive to lead the way. We are also ready to act with greater courage and confidence to build stronger companies.”

“Our steadfast commitment to innovation is what makes our companies and products globally competitive.”

Guo Guangchang said, “We can all see that the most intense economic competition in the world today is between China and the United States (U.S.). However, the two economies are not separate or isolated. Alongside competition, there is also deep exchanges and cooperation. This pattern of ‘you in me, and me in you’ means that China’s economy will not be easily knocked down.”

He believes that one important source of China’s economic resilience is its commitment to a market-oriented economy. “China has a group of ‘indestructible little fighters’ – private enterprises, especially private technology companies. When the China–U.S. competition first kicked off, some assumed China’s collapse was imminent, and a lot of foreign capital exited. However, they have since realized it is not that simple. China’s private enterprises, particularly private technology companies, have demonstrated robust competitiveness, leading the way in emerging industries such as AI, robotics, and biopharmaceuticals,” he said.

Taking Fosun’s innovative biopharmaceutical platform, Henlius, as an example, in 2025, several of its independently developed products achieved breakthroughs in pioneering global innovative drugs. Among them, HANSIZHUANG became the world’s first and only anti‑PD‑1 monoclonal antibody to succeed in a phase III perioperative gastric cancer registration study, while HLX43 is expected to usher in a new era of broad‑spectrum anticancer drugs. At present, Henlius has obtained regulatory approvals for 10 products worldwide, covering approximately 60 countries and regions across Asia, Europe, Latin America, North America, and Oceania. More importantly, multiple pipeline candidates under development each have the potential to tap global markets worth tens of billions of U.S. dollars.

“Our R&D capabilities have earned recognition from major global pharmaceutical leaders, and our global competitiveness is growing stronger,” Guo Guangchang said. For example, in December 2025, Fosun Pharma’s subsidiary Yao Pharma reached an agreement with Pfizer, granting Pfizer an exclusive worldwide license for the development, use, manufacturing, and commercialization of the GLP-1 drug YP05002, with potential total payments exceeding USD2 billion. In the same month, Fosun Pharma entered into a strategic partnership with biotechnology company Clavis Bio to jointly develop innovative therapies targeting cutting-edge mechanisms nominated by Clavis Bio, with Fosun Pharma eligible to receive up to USD7.25 billion in payments under the agreement.

“As long as we remain committed to innovation and embracing market economics, our companies and products will remain highly competitive on the global stage,” Guo Guangchang said.

“China’s 1.4 billion consumer market holds endless opportunities. The key lies in building superior product strength.”

In this era of economic transformation, how to tackle challenges and seize opportunities is a key concern for many Zhejiang entrepreneurs. Regarding this, Guo Guangchang believes that in today’s global competitive landscape, companies must reject a passive “wait-and-see” attitude. They should not rely on perpetual high economic growth or continuous property value appreciation. Instead, they must fundamentally remind themselves that the days of relying on one core advantage to dominate the market are long gone.

He elaborated further, “Since the beginning of reform and opening up, China’s economy has enjoyed decades of smooth sailing and rapid development. It is natural to feel unsettled by the recent challenges, difficulties, and shifting external conditions. However, we must also clearly recognize that during those boom years when everything went our way, it was easy to overestimate both our own abilities and our companies’ competitive edge. Many critical operational details were often overlooked, like the Chinese saying, ‘One strong point can cover up many flaws.’ Coupled with weak capabilities and an underdeveloped strategic foundation, it is no surprise we are encountering problems now.”

“Looking ahead, enhancing a company’s capabilities and competitiveness is what truly matters. Beyond innovation, developing good products and sharpening product strength are equally critical,” Guo Guangchang said. “We must stay confident, in a consumer market as vast as China’s,with over a billion consumers, opportunities will always exist.”

Fosun’s cultural tourism and consumer businesses have garnered positive market feedback through their commitment to product strength. Guo Guangchang noted, “This year, Atlantis Sanya achieved significantly higher occupancy and average room rate than last year, while our newly launched ULTRAMED Hainan project has been very well received by the market.” Data shows that during the 2026 New Year holiday, Atlantis Sanya achieved an average occupancy rate of over 97%, with multiple Club Med resorts in China consistently at full capacity.

In consumer goods, several Fosun ecosystem companies have launched “value-for-money” products that gained rapid traction since last year. Sanyuan’s “Old Beijing Fresh Milk” became a hit by focusing on freshness; Shede Spirits has also earned a cult following for its 29% ABV aged baiju, named “Shede Zizai”, demonstrating the power of product-led innovation. Furthermore, Fosun-backed new consumer brands such as Laopu Gold, CHAGEE, and Amos Food have emerged to become industry stars.

“Combining China’s capabilities with global resources,” Fosun remains committed to globalization

“Globalization” is a core characteristic of Fosun. In Guo Guangchang’s view, it represents a major opportunity for China’s private enterprises, including those from Zhejiang.

“Never in human history has a nation of 1.4 billion people emerged as such a massive economic force, playing such a pivotal role in global development. This is completely unprecedented. Naturally, many of the challenges we face today, including the fact that mature economies view China as a formidable competitor, are inevitable,”Guo Guangchang remarked.“However, from another perspective, China’s efficiency advantages, supply chain strengths, and engineering talent pool present immense opportunities for all countries and companies in the world.”

“This is precisely why it is imperative for our enterprises to seize these advantages and opportunities. We must build globalization capabilities and cultivate a truly global perspective,” Guo Guangchang said.

In recent years, Fosun has significantly accelerated its globalization efforts, now with industrial presence and profound operations in over 40 countries and regions worldwide. In the first half of 2025, overseas revenue reached RMB46.67 billion, accounting for 53% of total revenue.

Guo Guangchang stated that Fosun will steadfastly pursue globalization and put forward the strategic insight of “combining China’s capabilities with global resources”. “In essence, this means harnessing the capabilities and advantages China has accumulated over decades of development and channeling them into companies worldwide,” he explained.

“We remain optimistic about China’s development and believe a gradual recovery in the global economy,” Guo Guangchang remarked.