State Council measure will boost innovation

More policy incentives for overseas entrepreneurs are expected to advance China's innovation-driven development and entrepreneurship, officials said Wednesday.

A guideline was approved at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday to further enhance support.

China will establish an integrated digital business license registry, enabling one-stop registration for foreign and domestic enterprises within a given time frame.

The state will simplify work and residential permit application procedures for high-level foreign workers, and test integrated services in housing, schooling and medical care. Overseas students in China who start new businesses can also apply for a residential permit with their diplomas.

"Mass entrepreneurship and innovation have been effective drivers for both the economic growth and the consistent transition between traditional and new growth engines," Li said. "They has also significantly contributed to the creation of new jobs and the increase in income."

According to the guideline, the country will also put in place programs to support the return of Chinese students living overseas to engage in business startups and innovation, and enable overseas Chinese entrepreneurs, including those from the Hong Kong and Macao special administrative regions, to use the same public services as local residents.

More efforts will go into the protection of intellectual property rights, while invigorating technology markets and exploring a way to ensure timely commercialization of research findings, with government support in some areas.

The country also will expand the funding channels for enterprises, including measures to enhance the credit support and services and to reform rules for state capital to take part in venture capital investment.

Priorities will include the development of the industrial internet and advanced manufacturing and land use for innovation and entrepreneurship purposes.

"We should keep promoting entrepreneurship and innovation, and give full play to the initiative and creativity of the public. R&D outcomes should be put to full use so that we can better draw on the wisdom of the public," Li said. "The internal strength of the new growth drivers should be fully converted into new growth engines for the Chinese economy," he said.