Key meeting decides growth drivers will be fully harnessed to support jobs China will roll out new policies to boost entrepreneurship and
innovation, with a special focus on employment and business startups by
college graduates and other key groups, the State Council's executive
meeting chaired by Premier Li Keqiang decided on Wednesday. The meeting urged keeping to the strategy of innovation-driven
development and spurring society-wide entrepreneurial activities and
innovation to unleash market vitality and people's creativity. New drivers of growth will be fully harnessed to support jobs and
market entities, with a particular focus on the employment of college
graduates, rural migrant workers who have returned to their hometowns and other key population groups. "Stimulating entrepreneurship and innovation is highly important for
providing employment for key groups of people and increasing their
income. Competent departments should work out greater support for the
employment of college graduates and rural migrant workers," Li said. A series of measures were adopted at the meeting. Support for entrepreneurs and innovators will be scaled up. Special
funds will be earmarked from central budgetary investment for the
development of entrepreneurship and innovation demonstration centers. Idle factory buildings and underused land will be brought into full
play as part of the greater support for key entrepreneurial and
innovation projects. Government-invested incubators will provide a portion of their venues
free of charge to college graduates and rural migrant workers. One-off subsidies may be granted to first-time entrepreneurs
returning or moving to the countryside, who have kept their business
startups in regular operation for no less than a year. Enterprises, entrepreneurship and innovation demonstration centers
and online platforms will be encouraged to jointly provide training on
entrepreneurial skills in nursing, elderly care, domestic services,
tourism and e-commerce to help shape the expectations of job seekers and
broaden their employment prospects. "We need to provide proper guidance for college graduates in their
expectations for jobs, and encourage them to start their own
businesses," Li said. Financial institutions will be encouraged to provide insurance
services for the financial leasing of equipment and entrepreneurial
activities. Restrictions on sectors where insurance funds may be used for
financial equity investment will be lifted, and the quota transfer of
equity investment and venture capital investment will be piloted in
regional equity markets. The meeting urged stepping up basic research in mathematics, physics,
chemistry and biology, and encouraging teenagers to learn and explore
basic theories.
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