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Vice-premier demands more efforts to increase innovation, entrepreneurship

Updated: Sep 15,2017 8:54 PM     Xinhua

SHANGHAI — Vice-Premier Zhang Gaoli stressed the need for more efforts to promote mass innovation and entrepreneurship on Sept 15.

Boosting innovation and entrepreneurship is necessary for deepening supply-side structural reform and accelerating the shift from old growth drivers to new ones, Zhang said at the launch ceremony of the national mass innovation and entrepreneurship week in Shanghai.

The Chinese government has launched a mass innovation and entrepreneurship initiative across the country to unleash market vitality and creativity.

Since 2014, 14,000 new businesses have been registered on average per day and the number has topped 16,000 since the start of this year, latest official data showed.

Zhang said increased efforts are required to strengthen intellectual property rights protection, break down institutional obstacles that impede innovation and entrepreneurship, and lower institutional transaction costs.

He also stressed the importance of fundamental research and key generic technology, emerging industries, the “Made-in-China 2025” program, and modern vocational education.

Zhang demanded more financial and taxation support for innovation and entrepreneurship to reduce the financing, energy use and logistics costs for companies.

He also said environment should be created that is tolerant of failure and encourages innovation and entrepreneurship.