China to deepen reform to promote mass entrepreneurship, innovation

China's cabinet on Wednesday adopted guidelines with detailed measures to boost mass entrepreneurship and achieve innovation-driven growth.

China will deepen reforms in innovation-driven development to expand the scope and raise the level of mass entrepreneurship and public innovation, according to a statement released after the State Council's executive meeting chaired by Premier Li Keqiang.

Promotion of mass entrepreneurship and innovation will help boost employment, optimize the economic structure and facilitate a shift of growth engines.

The government will streamline management procedures such as business registration and registration cancellation and reduce market entry barriers for sectors like education.

Policy support will help protect patents, especially in strategic and emerging sectors.

China will expand financing channels for start-ups to encourage inclusive financial services, promote intellectual property rights financing and establish government venture capital funds.

The government will also promote industrial upgrading by encouraging colleges and research institutions to work with enterprises to build manufacturing innovation centers and developing strategies for the digital economy.

More preferential social security and taxation policies will be rolled out to attract and retain domestic and overseas entrepreneurial and innovative professionals, according to the statement.

The government will take measures to make it easier for foreign professionals to live and work in China and people who choose to set up businesses in towns and villages will also enjoy related preferential policies.

The meeting also decided to solicit public opinion on guidelines for express delivery services, which streamline procedures for expansion, reduce logistics cost and define the rights and responsibilities of couriers.

Source: Xinhua

Editor: Camila