29 Nov 2018
China Unveils Innovation and Entrepreneurship Incentive Package
Innovative businesses are to be given something of a boost by the State Council, with red tape slashed, taxes cut and the process of recruiting high-end staff streamlined. Full details of this new package were announced in the recently circulated Opinions on Promoting the High-Quality Development of Innovation and Entrepreneurship and Creating an Upgraded Version of Shuangchuang – with the latter term a transliteration of the Chinese characters for ‘innovation’ and ‘entrepreneurship’, the two attributes the policy aims to nurture.
More specifically, eight areas have been designated for priority development, including:
Upgrading the Innovation and Entrepreneurship Environment
In line with this, all relevant enterprise establishment procedures will be optimised, as will the relevant deregistration requirements. At the same time, market access restrictions will be made more transparent via the creation and dissemination of a unified negative list.
Enhancing Fiscal and Taxation Regimes
This will see the current national level incentives for technological enterprise incubators and university science parks – such as property and value-added tax exemptions – also available at the provincial level.
Promoting Wider Participation
In order to deliver on this objective, properly-qualified Hong Kong and Macau residents will be incentivised to pursue careers on the mainland, while young entrepreneurs from the two SARs will also be encouraged to participate in China-wide innovation initiatives.
For further details (in Chinese), please access the following link: