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China to catalyze entrepreneurship, innovation

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ceciliazhang

Jul 16, 2020, 10:28


China will roll out new measures to catalyze entrepreneurship and innovation with special focus on employment of and business start-up by college graduates and other key populations, the State Council's executive meeting chaired by Premier Li Keqiang decided Wednesday.

The nationwide initiative spurring entrepreneurship and innovation is a crucial underpinning for sustaining and expanding employment, and nurturing new drivers of growth. Premier Li Keqiang highlighted the need to further take forward the entrepreneurship and innovation initiative, and catalyze its role in promoting employment, especially for college graduates.

The meeting underlined the imperative to make all-round efforts to maintain stability on the six fronts and security in the six areas.

Given the shocks caused by COVID-19 and shifting environment for development, 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 populations.

"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 concrete 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 the entrepreneurship and innovation demonstration centers.

Idle factory buildings and under-used land will be brought into full play as part of 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 start-ups in regular operation no less than a year.

Demonstration programs for boosting employment by entrepreneurial activities will be carried out. 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 expectation of job-seekers and broaden their prospects for employment.

"We need to provide proper guidance for college graduates in their expectations for jobs, and encourage them to start their own businesses," Li said.

The entrepreneurship and innovation demonstration centers will be encouraged to build platforms for integrated cross-regional development involving companies of different sizes. And platforms providing specialized services will be built for the commercialization of scientific and technological research outcomes.

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.

"University students need to be further encouraged to study and research basic theories, to underpin the country's ability to innovate. Without a solid ground in basic research, it is impossible to make significant progress," Li stressed. 

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tenith

In this respect, China's traditional culture and education is geared towards entrepreneurship. Most important is continue China's traditional teaching to care for the family members and the country. In whatever a nation does, the moral compass must be correct. Same for China's 1.4 billion people. Hong Kong is a proven case that the wrong moral education will result in recalcitrant billionaires who are ever ready in selling off the country to foreigners. That's why their arrest is the only way to rectify the psychology in Hong Kong. If Hong Kong is correct why does China need to pass a legislation recently and if Hong Kong is wrong why no tangible arrest of the real perpetrators? Of course media strategy is needed these days but still an act is necessary. Next Chinese need to be inclusive in thinking and be able to respect foreign culture. This is a clear deviation from the racist Anglos-Jews. How China exhibits its secular multilaterism thinking and behavior depends very much of Chinese social architects. The inter-ethnic convergence must be strong within China itself and how to project this strength and unity across China's border into an enduring shared enthusiasm with Russia, East Europe, Africa, Central & East Asia, rest of Asia, even Americas is the next thinking.  

GhostBuster

Great gratitude must be expressed to US and US President Donald John Trump for putting in all effort to drive China to shoot to a plateau higher than where she is!

Greatly Appreciate It!