Favorable policies will help unleash business spirit of young

To capitalize on the potential of young people's pioneering spirit we need to create favorable conditions for them, as Premier Li Keqiang pointed out, said an article in the Beijing Times (excerpts below).

During a recent meeting on the economic situation, Premier Li Keqiang talked to Jack Ma, founder of Alibaba Group, China's largest Internet-based e-commerce firm, about his own online shopping experiences. Li said he was impressed by the dedication, and diligence of young online vendors.

Grassroot businesses are burgeoning. Taobao.com, with 25,000 employees, has created an online shopping platform that invites millions of vendors.

Last year, nearly 20 billion yuan ($3.28 billion) was generated in revenue from Taobao on Singles' Day.

E-commerce and information economies have contributed to stimulating domestic consumption, promoting employment and economic restructuring.

But how to tap the potential of young people's pioneering spirit? Certainly, a favorable business environment is called for. A recent reform directed by the State Council has canceled the country's minimum registration capital of 30,000 yuan for limited liability companies.

Such a move is meant to lower the cost of start-ups. We need to provide more policy support for ordinary people, so as to create a fairer and open platform for those with an enterprising spirit.