Govt to unveil new policies on innovation

Key meeting decides growth drivers will be fully harnessed to support jobs

China will roll out new policies to boost entrepreneurship and innovation, with a special focus on employment and business startups by college graduates and other key groups, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

The meeting urged keeping to the strategy of innovation-driven development and spurring society-wide entrepreneurial activities and innovation to unleash market vitality and people's creativity.

New drivers of growth will be fully harnessed to support jobs and market entities, with a particular focus on the employment of college graduates, rural migrant workers who have returned to their hometowns and other key population groups.

"Stimulating entrepreneurship and innovation is highly important for providing employment for key groups of people and increasing their income. Competent departments should work out greater support for the employment of college graduates and rural migrant workers," Li said.

A series of measures were adopted at the meeting.

Support for entrepreneurs and innovators will be scaled up. Special funds will be earmarked from central budgetary investment for the development of entrepreneurship and innovation demonstration centers.

Idle factory buildings and underused land will be brought into full play as part of the greater support for key entrepreneurial and innovation projects.

Government-invested incubators will provide a portion of their venues free of charge to college graduates and rural migrant workers.

One-off subsidies may be granted to first-time entrepreneurs returning or moving to the countryside, who have kept their business startups in regular operation for no less than a year.

Enterprises, entrepreneurship and innovation demonstration centers and online platforms will be encouraged to jointly provide training on entrepreneurial skills in nursing, elderly care, domestic services, tourism and e-commerce to help shape the expectations of job seekers and broaden their employment prospects.

"We need to provide proper guidance for college graduates in their expectations for jobs, and encourage them to start their own businesses," Li said.

Financial institutions will be encouraged to provide insurance services for the financial leasing of equipment and entrepreneurial activities.

Restrictions on sectors where insurance funds may be used for financial equity investment will be lifted, and the quota transfer of equity investment and venture capital investment will be piloted in regional equity markets.

The meeting urged stepping up basic research in mathematics, physics, chemistry and biology, and encouraging teenagers to learn and explore basic theories.