In 2022, Forbes China conducted independent research on venture capitalists active in the mainland China market for the 16th consecutive year, selecting 100 venture capitalists who achieved strong performance over the past 5 years from investor samples recommended by over 200 venture capital institutions.

Mr. Alan Song, Founding Partner of Harvest Capital, has been named to "Forbes China Top 100 Venture Capitalists" for four consecutive years, ranking 37th in 2022.

Being selected as a Forbes China Top 100 Investor for four consecutive years is less an affirmation of personal work achievements than support for China's consumer growth. It's less recognition of hard work than tribute to professional spirit. It's less acknowledgment of professional institution value creation than endorsement and prediction of China's economic growth potential.

Consumer and service industries are experiencing the darkness before dawn.

Standing at year's end, we have mixed feelings. China's consumer and service industries are experiencing a period of revival from ruins. Countless diligent workers are striving on the front lines of production, distribution, and service. Countless retail, restaurant, consumer goods, and service industry companies are actively producing, allocating resources, and overcoming difficulties. For most companies, this is a battle. Only patience and persistence can bring ultimate victory.

Due to supply-side shocks, demand contraction, weakened expectations, and geopolitical conflicts, global supply and procurement chains face enormous adjustments and impacts. The phase of high-level supply-side operations will continue for some time.

Trauma is temporary; challenges often herald the opening of another phase of growth and opportunity. Even during the economic downturn phase in 2022, consumption contributed 69.4% to national GDP. Looking at developed countries globally and neighboring Japan and South Korea, consumer services account for over 70-80% of GDP.

Investment, consumption, and exports are the three drivers pulling national economic growth. Consumption plays an increasingly core role, having become the stabilizer and ballast of China's economic growth. In the long term, consumption better stimulates national economic growth, sparks innovation, solves employment issues, improves people's livelihoods, provides fiscal and tax revenue, ensures survival of small, medium, and micro market entities, and enables continuous maturation of the market economy system.

China is also experiencing a transformation from a production-oriented to a consumption-oriented society. The development of China's consumer service industry represents the essential path from middle-income to high-income country status, for Chinese society to achieve quality development and establish Chinese-style modernization.

The state has proposed the goal of domestic and international circulation mutually promoting each other, defining the basic paradigm of China's economic development. The future will usher in a super era for China's consumer industry development. As industry practitioners, we share confidence and go all out together.

Investment enters the stage of intensive cultivation

Arthur Rock, a pioneer of modern VC, had this philosophy: when investing, focus on a company's "intellectual book value" rather than "financial book value." Over the past few years, when hedge funds, sovereign wealth funds, and family offices injected large sums into a "niche" industry, investment "rules and discipline" seemed once again diluted.

Since April this year, a series of events including Federal Reserve interest rate hikes and liquidity tightening have promoted the return of mainstream values in global venture capital. For China, emphasizing "intellectual book value," discovering and helping companies grow has become investors' primary task, with tremendous opportunities embedded within.

Harvest Capital's investment is essentially altruistic empowerment industrial investment—providing capital is merely the entry ticket. We persist in treating investment like real business, committed to being champions' super sparring partners and portfolio companies' business partners. Adhering to altruistic empowerment philosophy, dedication and focus bring professional strength. Achieving success together with business partners and becoming better versions of ourselves—this is the essence of Harvest Capital's intensive post-investment empowerment philosophy.

As an investment institution, a large part of our work involves continuously iterating with entrepreneurs and progressing together. Since establishment in 2007, Harvest Capital has always focused on investment deployment in the consumer track. Through long-term tracking and deep empowerment, we help founders implement actual business with a service provider mindset.

After investment completion, we provide companies with customized consulting services including asset restructuring, financial compliance, strategic planning, operations management, brand channels, and more, genuinely helping companies become industry leaders and achieve efficiency breakthroughs through internet and digital transformation.

This is also the philosophy Harvest Capital has consistently practiced: supporting Chinese consumption, empowering domestic brands. Embracing everyday life, empowering people's livelihoods.

Looking to the future: Chinas economy still has unlimited possibilities

With improved understanding of scientific prevention and control, China still has greater opportunities than challenges. Accompanied by improved per capita income levels and resolution of social security issues, under the great theme of achieving common prosperity, China—this 1.4 billion population global largest single economy and one of the world's fastest-growing economies—will burst forth with new vitality and vigor. The rise of Chinese domestic consumer brands aligns with this trend of the times.

The tide of the times surges forward powerfully. The era of high-quality growth in China's economic transformation bestows upon investors a great historical mission. Steady daily progress knows no end; merit never goes to waste and eventually reaches the sea.

The overall level of China's entrepreneurial market continues to improve. More high-quality Chinese enterprises, Chinese stories, and Chinese values will certainly emerge in the future. Though the road ahead is long, we are optimistic about China's future economic development. Go China investors, go China economy—let's work together!