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November 28, 2012

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Home » Metro » Education

City helps 10,000 start businesses

MORE than 10,000 people set up their own business in Shanghai in the first 10 months of the year under a government-backed project to encourage entrepreneurship, the Shanghai Human Resources and Social Security Bureau said yesterday.

The project, providing guaranteed loans and subsidies, was early in fulfilling its goal of helping launch 10,000 startups in 2012.

The bureau recorded 10,258 startups through October.

"From the figure, we can see that local residents have lots of enthusiasm for startup businesses," said Zhang Yuan, an official with the bureau. "We will keep running the project every year," she said.

Shanghai has unveiled a series of policies and projects to encourage business startups since 2009, aiming to stimulate employment, which dipped with the global financial crisis.

In the past three years, around 39,000 people started a business with the help of the city government. Their businesses also helped more than 317,000 people to secure a job.

"The effect of the government action is significant. The government will increase the investment in encouraging startup businesses next year to promote job growth," Zhang said.

From January through October of this year, the local government allocated guaranteed small loans totaling 73.44 million yuan (US$11.8 million), interest subsidies of 3.64 million yuan and rent subsidies of 56.3 million yuan to qualified entrepreneurs who started their businesses in Shanghai.

Zhang said more people want to start a business than two years ago. A survey showed nearly 8 percent of Shanghai residents run a startup and another 12 percent plan to do so.

Although the desire to set up a business is on the rise, difficulties in financing and finding workplaces and a lack of management abilities still hinder small entrepreneurs. Zhang said classes and expert lectures will offer advice in marketing, finance and legal issues.


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