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New growth drivers contribute to 70% of new employment

Updated: Oct 14,2018 10:33 PM     Xinhua

BEIJING — New growth drivers fostered by mass entrepreneurship and innovation have contributed to about 70 percent of China’s new jobs, the country’s top economic planner said on Oct 14.

Mass entrepreneurship and innovation have provided important support to stabilize and boost employment in China, said the National Development and Reform Commission (NDRC) in a report on China’s mass entrepreneurship and innovation in 2017.

By the end of 2017, there were 21.8 enterprises per thousand people, and the total number of enterprises in China rose 16.9 percent year on year to 30.34 million, according to the report.

The report said newly-registered enterprises in emerging industries, including modern manufacturing, service trade involving education, science and technology, saw a faster increase.

Since 2015, the government has introduced a host of incentives to advance mass entrepreneurship and innovation initiative to a higher level and wider scope.

These efforts have delivered tangible results. With improved environment and diversified entities of innovation and entrepreneurship, a large number of outstanding entrepreneurial teams have come to the fore, and a group of innovation-driven companies have achieved fast growth. The first half of 2018 saw a daily average of 18,100 new businesses registered.

Guidelines released by the State Council last month said China would further develop mass entrepreneurship and innovation, with a better business environment and lower corporate costs.