Central to this transformation was the rise of private small and medium-sized enterprises (SMEs). Unlike state-led industrialisation models in northern China, Fujian’s development was driven by decentralised, family-based entrepreneurship. These SMEs, often rooted in local networks and diaspora connections, were highly adaptive and outward-looking. They leveraged Fujian’s coastal location to engage in export-oriented manufacturing and trade, particularly in sectors such as textiles, footwear, electronics and light industry. For example, ANTA, founded in 1991 in Jinjiang (a county of Fujian), has grown into one of China’s largest sportswear companies and leveraged original equipment manufacturer (OEM)-to-brand upgrading strategies to enter global markets. It even goes further beyond after successfully acquiring international brands such as FILA and Amer Sports.