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China Moves to Promote Entrepreneurship and Innovation

The State Council recently approved a raft of measures intended to nurture widespread innovation and entrepreneurship, including:

  • Creating more job employment opportunities for particular demographics, such as college graduates and demobilised military personnel
  • A greater focus on driving technological innovation
  • Providing support for the launch of mass innovation and entrepreneurship platforms promoting the integrated development of large, medium and small enterprises.
  • Greater emphasis being placed on the development of the industrial internet and the broader application of the Internet Plus model in medical care, elderly care, education and other social sectors
  • Spurring financial institutions to lower interest rates and cut the overall cost of borrowing for low-profit enterprises. In line with this, the non-performing loan (NPL) ratio tolerance for small low-profit enterprises will be shifted to 3% above the overall NPL ratio from its current level of 2%

For further details (in Chinese), please access the following link:

Li Keqiang Chairs State Council Executive Meeting (5 June 2019)

Content provided by Picture: HKTDC Research
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