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Entrepreneurship, innovation demonstration zones to play greater role

Updated: Jul 30,2020 09:44 PM

The General Office of the State Council issued a circular on July 30, outlining opinions to tap more into the role of demonstration zones of mass entrepreneurship and innovation.

The move aims to boost reform, stabilize employment and reinforce growth drivers, and also give a stronger push to the mass entrepreneurship and innovation initiative and further stimulate market vitality and social creativity.

To support eligible enterprises, the circular called for more efforts to implement policies designed to reduce their burdens, streamline loan approval procedures, and increase the share of credit loans and mid- to long-term loans.

More digital and accessible services at demonstration zones of mass entrepreneurship and innovation should be enhanced, and enterprises will be assisted in tackling problems in logistics, capital and hiring, among others, through multiple ways, and make up for weak links in supply chains.

Large companies in these zones should take the lead and assistance should reach small and medium-sized businesses to offer receivables-backed financing, as well as firms along upstream and downstream industrial chains and related entities to help solve their production and operational issues.

According to the circular, fields such as nursing, elderly care, household services and rural tourism should be a focus, with backing from entrepreneurial training, supply-demand matching, information sharing and capacity building, jointly provided by eligible enterprises, regional demonstration zones and online platforms.

Measures encouraging flexible jobs should keep up with intensified efforts to catalyze employment through entrepreneurship, and as do specialized entrepreneurial service channels tailored to key groups.

Rural entrepreneurial programs should get greater support, including better training to those spearheading such programs, and one-time subsidies to first-time entrepreneurs returning or moving to the countryside if their businesses have been running normally for at least a year.

For universities listed as demonstration bases for entrepreneurship and innovation, they should be supported in creating premium open online courses on the two themes, and building deep cooperation with their corporate counterparts.

According to the circular, joint efforts will be encouraged among big companies, local governments and universities to build startup incubators.

Enterprises' demonstration bases will be supported in setting up integrated platforms for big, small and medium-sized enterprises, and offer resources, applications and innovation demands for SMEs. Government procurement policies should be improved, enhancing supports for SMEs in procurement.

The circular also required the establishment of communication platforms in entrepreneurship and innovation demonstration bases to serve in cross-regional cooperation in resource sharing, intellectual property rights protection and operation.

Moreover, entrepreneurship and innovation demonstration bases and financial institutions will be encouraged to maintain long-term cooperation, such as in financial services.

Capable entrepreneurship and innovation demonstration bases should be supported to build international startup incubators, creating offshore bases with renowned universities, cross-national companies and intermediary agencies.

In addition, entrepreneurship and innovation demonstration bases will be prompted to undertake large international competitions in entrepreneurship and innovation and related forums, and they also will be given support in establishing international cooperative industrial parks and overseas innovation centers.