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New measures to support Chinese start-ups


08-21-2016 05:42 BJT

President Xi Jinping has called for more educational reforms to help build talent and encourage entrepreneurial risk-taking, as part of a government push towards nationwide 'mass innovation and entrepreneurship'. The Education Ministry has already rolled out draft regulations that will allow college students to suspend their studies to start their own businesses. If and when the entrepreneurs go back to school, they will be able to translate what they have learned in the real-world into college credits.

New national encouragement policies will also give entrepreneurs the opportunity to borrow up to 100 thousand yuan in startup loans. And the government will  subsidize the interest entrepreneurs pay on loans issued by financial institutions. If a startup hires a new college graduate, the government will also pay for that worker's social insurance fees and fees for training.

Starting in September, the city of Beijing will start offering awards of up to 200 thousand yuan to college startups. And starting this December, the capital will start offering its college entrepreneurs special tax deductions.

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