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China unveils guidelines to encourage innovation
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CHINA unveiled a set of guidelines today in administration and financing to support mass innovation and entrepreneurship as the country gears up in economic restructuring and injecting new vigor into the economy.
China will further improve the market environment with less government red tape and the offer of more public services for startup companies, and the country may include the Internet-related and high-tech firms that are yet to make a profit to float shares on ChiNext, a market for startups, and launch a new board for companies in strategic emerging industries at the Shanghai Stock Exchange to address their headache of accessing the capital market, according to the set of new rules issued by the State Council, China's cabinet.
Companies have to be profitable for three straight years to get listed on ChiNext now.
The innovative startups will also enjoy favorable policies to issue initial public offerings and raise funds through the bond market, while banks should optimize their services for start-up and innovative enterprises, offering targeted financial products and more professional services.
"Mass innovation and entrepreneurship are of great importance to accelerate China's economic restructuring and to create a new growth engine," according to the State Council. "They are new sources of China's growth, and will help to create a rich, fair and strong country."
The State Council said the country "expects to stimulate people's enthusiasm and raises their ability in innovation and entrepreneurship" and it "wants to construct a fair and sustainable policy mechanism to encourage the creation of a capital chain, followed by a value chain and an employment chain, for innovation and entrepreneurship."
The rules are made based on the government report delivered by Premier Li Keqiang during the meeting of the National People's Congress in March.
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