China to promote plans to encourage innovation, drive economy

World Today

China’s drive towards a more innovative economy…the State Council is calling for mass innovation and entrepreneurship to write the next chapter of the Chinese economy. It’s also known as the “Mass Maker Space” a specific economic platform encouraged by policymakers to promote more venture capital, incubator hubs and entrepreneurs to drive innovation in China. CCTV’s Hou Na reported this story from Beijing.

China is transitioning its development pattern so innovation can become a key driver of economic development. Leaders believe a maker economy will be at the heart of the economic growth. The State Council has decided to provide supportive policies and measures to the development of a “mass maker space.”

China to promote plans to encourage innovation, drive economy

China's drive towards a more innovative economy...the State Council is calling for mass innovation and entrepreneurship to write the next chapter of the Chinese economy. It's also known as the "Mass Maker Space" a specific economic platform encouraged by policymakers to promote more venture capital, incubator hubs and entrepreneurs to drive innovation in China. CCTV's Hou Na reported this story from Beijing.

“Using ‘Mass Maker Space ‘ as a platform, we need to integrate resources, implement policies, improve service models, and cultivate innovation culture,” Deputy Director of the Ministry of Science and Technology Cao Jianlin said. “We need to match entrepreneurs’ creative ideas with market demands.”

In 2014, the number of technology-based business incubators exceeded 1,600. There were more than 80,000 companies in those incubators, providing more than 1.75 million job opportunities.

At an executive meeting of the State Council in January, Premier Li Keqiang pledged to establish a new platform for innovation and cultivate a “maker culture” in the country.

“To develop ‘Mass Maker Space ‘ does not mean to put heavy investment in construction,” Jianlin said. “We should uphold the principle of government guidance and market orientation and take full use of the dominant role of social forces to foster the effectiveness of policy portfolios for innovation and entrepreneurship and the system of interconnection in the society.”

China will improve investment and financing mechanisms for start-ups and offer support to technology-based enterprises at the start-up stage by utilizing government guidance funds, fiscal and tax policies and by fostering angel investment.

Although the ecosystem for innovation and entrepreneurship in China has been improving constantly, obstacles still remain in the way of mass innovation and entrepreneurship.

The government has plans to push forward bold reforms and reduce interference in innovation activities to give any potential entrepreneur enough space to start a business.