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China Prioritises Innovation and Mass Entrepreneurship

The development of innovation and mass entrepreneurship is to be prioritised across the mainland. More specifically, according to a new directive from the State Council, technological advances need to be brought to market more quickly, any problems relating to institutional obstacles need to be overcome, intellectual property rights need to be more robustly protected and opportunities for technology transfers need to be seized. In addition, the State Council recommends that enterprises should be granted easier access to expanded financing channels, while all relevant financial and tax policies should be robust and transparent. Addressing the financial sector directly, the State Council urged the development of innovative solutions that would allow businesses to more easily secure the funding required for R&D and other entrepreneurial endeavours.

The paper also calls for transformations and upgrades to be completed within the overall economy, including the active implementation of a number of major policy initiatives, most notably Internet+, Made in China 2025, an ongoing programme of civilian-military collaboration and the development of a new-generation of artificial intelligence systems. It also looks to prioritise the development of the sharing economy and the use of new technologies, as well as the adoption of new business formats and new models as a means of transforming many of the more traditional industries. In a further move, it recommends that steps should be taken to improve the flow of talent, while consideration should also be given to recruiting high-level international personnel as a means of establishing a large-scale resource of high quality innovative and entrepreneurial individuals.

For further details (in Chinese), please refer to the following website:

Opinions of the State Council on Strengthening the Innovation-Driven Development Strategy and Further Boosting the In-Depth Development of Mass Entrepreneurship and Mass Innovation (Guo Fa No. 37 [2017])

Content provided by Picture: HKTDC Research
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