China unveils measures to boost entrepreneurship

BEIJING - China's cabinet has released reform measures to step up support for innovation and entrepreneurship, and improve government service.

China will encourage one-stop financing and investment services for medium and small enterprises to expand their funding channels, and enhance credit support for enterprises in science and technology, according to a guideline of the State Council.

More efforts will go to protecting intellectual property rights, and a system to ensure research findings are commercialized will be explored.

The government will simplify procedures of work permit procedures for high-calibre foreign workers. Foreign students in China who start businesses can apply for residential permit with their diplomas.

A long-term system for military and civilian integration will be introduced to accelerate the application of scientific military research findings in civilian fields.

The measures will first be implemented in China's eight innovation pilot zones and later be expanded nationwide.

Over the past five years, China has made big strides encouraging innovation and entrepreneurship.

Through a simpler approval process, lower corporate fees and technology-based services, the government is transforming its functions to let the market play a larger role in the economy.

In the first seven months of this year, newly registered foreign-funded companies rose 12 percent year on year to 17,703, as simpler administrative procedures and lower entry barriers attracted businesses.

According to a report released by the World Bank, China's ranking in terms of the ease of doing business moved up eight spots every year from 2013 to 2016, while the country's ranking for the ease of starting businesses climbed 31 places during the period.