China’s State Council published a guideline to boost entrepreneurship and mass innovation on March 11.

As China enters a “new normal” phase of slower growth, Premier Li Keqiang advocated to develop “twin engines” of popular entrepreneurship and mass innovation at the 2015 National People’s Congress annual session. In the wake of Premier Li’s report, the guideline focuses on promoting the development of “mass makerspace”, service platforms where innovators gather to nurture a supportive environment for entrepreneurship.

Some key elements of the guideline are summarized below.

Stated goals by 2020

  • Mass makerspaces shall be built to meet the demands of startup entrepreneurs and to offer professional services.
  • A number of angel investors and venture capital institutions shall be cultivated to deliver accessible financial support.
  • Plenty of small and micro-businesses should be incubated in emerging industries to spur economic growth.

Main tasks

  • The experience of incubation platforms such as makerspace, venture cafes and innovation factories will be analyzed to accelerate building mass innovation spaces.
  • Registration procedures will be simplified and subsidies such as rent, broadband fees will be offered to innovative businesses.
  • Training courses and other supports will be given in universities and colleges. The government will encourage college students and technical experts to start their own businesses.
  • Good working conditions and a supportive community will be provided for individual startups to share knowledge and resources.
  • The access to finance for startups will be improved.
  • Activities such as business competitions will be held to promote entrepreneurship and nurture a suitable culture for mass innovation.

The stated goals and main tasks the guideline said are neither clear nor specific. But as a guideline publicly released by State Council, it will be sent to the governments of all the provinces, autonomous regions and municipalities. After State Council showed the way forward, following policies will be made and implemented by local governments.

Source: State Council

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