Interview: Silicon Valley entrepreneur says he's "experiencing firsthand the vitality of the Chinese economy"

Steve Hoffman gives a speech at a sub-forum of the sixth World Internet Conference at Wuzhen, east China's Zhejiang Province, Oct. 20, 2019. (Xinhua/Zhang Xiaoyu)

Silicon Valley entrepreneur Steve Hoffman has been doing business with China since 2015. "I've seen dramatic changes and incredible innovations in high tech across the country," he noted.

SAN FRANCISCO, Oct. 20 (Xinhua) -- "I am experiencing firsthand the vitality of the Chinese economy," Silicon Valley entrepreneur Steve Hoffman has said.

China's just-released third-quarter economic data reflected the country's overall economic vitality and a good momentum of further enhancement, the CEO and chairman of Founders Space, one of the leading incubators in Silicon Valley, told Xinhua in a recent interview. He further expressed his optimism about the prospects and resilience of China's economy.

Hoffman, who is also an angel investor, has been doing business with China since 2015. "I've seen dramatic changes and incredible innovations in high tech across the country," he noted.

People visit the 2023 World Manufacturing Convention in Hefei, east China's Anhui Province, Sept. 20, 2023. (Xinhua/Zhou Mu)

Witnessing the rapid increase of Chinese investment in the high-tech manufacturing and service industries, the investor said the most impressive development has been the fast advancement of AI, which is poised to entirely reinvent industries and remake the economy.

Despite the pandemic and other obstacles, Hoffman didn't stop investing his time and resources in China. He has made three business trips to China this year.

"The positive changes I see are not only reflected in the economic data but also in the activity of grassroots entrepreneurship," Hoffman said.

"The negative feeling is diminishing. The mood among entrepreneurs is much more positive. Those business leaders who focused on the fundamental principles of creating value for customers are being rewarded," he added.

Hoffman further said it has been an incredible experience for him to act as a bridge between Chinese entrepreneurs and Silicon Valley, a region in the U.S. state of California that is a global center for high technology and innovation.

Photo taken on Aug. 26, 2022 shows the HICOOL 2022 Global Entrepreneur Summit Opening Ceremony and Global Entrepreneurship Competition Awards Ceremony at the new venue of China International Exhibition Center in Beijing, capital of China. (Xinhua/Ren Chao)

"The bottom line for me has always been the spirit of the entrepreneurs. I don't know of any other people in the world who work harder than Chinese entrepreneurs. The Chinese entrepreneurs I know have continued to innovate and push forward their businesses. This fact alone has guided my strategy in China," he said.

When speaking at a forum for women entrepreneurs in Shanghai this month, Hoffman noticed that "the room was bristling with energy. I could see in their eyes the drive and determination to grow their businesses, despite the obstacles they face."

He said that China is at a pivotal moment, as the economy can continue to pick up momentum. "A lot depends on public sentiment and consumer spending. If that increases over the coming months, the recovery will accelerate and enter a positive feedback cycle," Hoffman said.

"No matter what, I'm positive about the long-term future. There are always ups and downs in economic growth, but the trend of history has been upwards, and I don't see that changing," he said.