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China boosts building of mass entrepreneurship and innovation demonstration bases

Updated: May 12,2016 9:57 PM

The State Council issued a circular on May 12 to promote the building of mass entrepreneurship and innovation demonstration bases.

According to the circular, a total of 28 demonstration bases will be built first and are scheduled to be completed by 2018, which will help cultivate platforms to support mass entrepreneurship and innovation.

The circular asked the government to boost financial support and adopt preferential taxation policies, facilitate personnel mobility, and promote innovative resource sharing.

The regional demonstration bases will help promote the building of service-oriented governments, improve policies and measures supporting mass entrepreneurship and innovation while expanding investments in start-up businesses and creating a sound environment for mass entrepreneurship and innovation.

Demonstration bases in universities and scientific research institutions should deepen education and technological reform. This will allow these bases to turn their talent and technological advantages into industrial and economic advantages and promote the transformation of sci-tech achievements.

Furthermore, the circular encouraged colleges to adopt a flexible schooling system which allows students to suspend their studies to start a business.

Enterprise demonstration bases were expected to use stocks and dividends to encourage employees’ entrepreneurial spirits and creativity. The circular encourages expansions in investment and financing channels for mass entrepreneurship and innovation.

In the first half of 2016, the first batch of demonstration bases are to take their situations into consideration and set clear goals and timetable as required.

The National Development and Reform Commission and related departments will conduct examinations and supervision along with third-party assessment of the demonstration bases in the first half of 2017.

In the next half of the year, related departments will sum up successes in the construction of such bases and further expand the demonstration bases.