The State Council promotes entrepreneurship and innovation among the masses. (Photo : www.ceibs.edu)
The State Council of China declared Wednesday that they are now encouraging entrepreneurship as well as innovation among the masses in order for the country to achieve new growth and development.
Premier Li Keqiang, who was speaking during the 2015 National People's Congress annual session, declared the need for the country to boost its mass innovation and entrepreneurship as its "twin engines" that would drive the country toward development.
Aside from that, the State Council has promised to create a better environment for the twin engines to succeed through strengthening public services, lowering barriers, and encouraging graduating college students and professionals under science and engineering to try running a business.
China would also be investing on its masses through piloting an equity-based online crowdfunding, and would provide encouragement for banks and other financial institutions to provide support for the new entrepreneurs of the country through loans.
Over 1,000 financing and investment agencies also expressed their support for the plan and vowed a total capital of more than 350 billion yuan, or as much as $56.8 billion, which was announced by Science and Technology Minister Wan Gang during a press conference held on the same day as the NPC annual session.
The minister also mentioned how China has already seen more than 1,600 technology business incubators as well as 115 university science parks, which all became a reality after colleges in the country provided management trainings and even office space.
After that, Wan proudly announced the status of technology deals in China, which has increased by about 15 percent last year to more than 857 billion.
