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September 21, 2016

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Home » Business » Finance

Venture capital guidelines to back cash-hit startups

Source: Xinhua | September 21, 2016, Wednesday | Print Edition

THE Chinese government yesterday announced measures to stimulate venture capital in an effort to sustain the ongoing entrepreneurial wave.

To increase investment in cash-starved startups, China will nurture more VC investors, strengthen policy support, diversify corporate financing channels and allow in more foreign capital, according to a guideline released by the State Council.

Industrial leaders, business incubators, wealth-management companies and other institutional investors will be encouraged to make investment, as well as individuals, such as angel investors.

State-owned companies will be allowed to set up VC funds or invest in new firms.

Venture loans will also be promoted in an orderly manner.

The official policy support will focus on taxation and coordination between VC investment and government projects.

China will attract foreign VC by granting easier access and simplifying procedures. Domestic companies will be encouraged to invest in foreign startups.

In addition, the government will enhance supervision, create a withdrawal mechanism and help set up an industrial association for venture investors.

Robust VC will help generate new growth impetus and stabilize the economy, the guideline said.

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