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China to further strengthen innovation-driven development

Updated: Jul 27,2017 5:49 PM

The State Council released a guideline to further strengthen the implementation of innovation-driven development strategy and reinforce the spirit of mass innovation and entrepreneurship.

The guideline underlines the crucial role of pushing forward mass innovation and entrepreneurship in the process of deepening supply-side reform, fully carrying out innovation-driven development strategy and replacing old growth drivers with new ones.

To further promote mass innovation and entrepreneurship, the guideline required related departments to speed up efforts in turning scientific achievements into products, expanding financing channels for enterprises, enhancing incentive mechanisms for the flow of talent while increasing administrative reform.

According to the guideline, to turn more scientific achievements into products, systemic obstacles should be tackled with enhanced knowledge of intellectual property rights, marketization of intangible assets such as patents, proper guidance for maker spaces, better incentive measures and more sharing equipment.

County-level branches of large banks will be authorized to offer loans to enterprises with enhanced financing services.

Standards and regulations will be established concerning the involvement of State assets in venture capital investments, and private capital will be guided into the sector. Tickets or coupons that are issued by the government to encourage entrepreneurship and innovation should be accepted in other places.

To promote upgrading of the real economy, related departments are asked to build product innovation centers through utilizing available innovative resources, establishing platforms in large enterprises to further promote mass innovation and entrepreneurship and step up the development of the sharing economy.

In addition, a series of guidelines will be released to promote development of the digital economy and advanced manufacturing industries, improve data collection and analysis on emerging industries and new growth models, and support land use for start-ups.

Talent including foreigners, returning overseas students, sci-tech experts and migrants returning to their hometowns should all be entitled to incentive measures, such as easier access to local residential or work permits, that are intended to attract people who can help push forward mass innovation and entrepreneurship nationwide.

In addition, government should expand administrative reform, such as promoting all-in-one business registrations, establishing demonstration zones and strengthening supervision, to ensure the implementation of the guidelines.