China to hold entrepreneurship, innovation ministerial meeting

BEIJING -- China will establish a joint ministerial conference to integrate policies that promote mass entrepreneurship and innovation.

The meeting, to be led by the National Development and Reform Commission (NDRC), will bring together more than 20 ministerial-level agencies, according to a statement published on the central government website on Thursday.

The system will coordinate government measures, resolve major problems, strengthen guidance and supervision, and improve communication among local governments, ministries and enterprises.

It will hold up to two plenary sessions a year, and will be based at the NDRC.

Confronted with economic headwinds, China is counting on entrepreneurship and innovation to generate new jobs and improve the skill set of its citizens, thus, warming up the slowing economy.

China's economic growth slowed to 7 percent in the first half of 2015 from 7.4 percent a year ago, dragged down by slack trade, large inventories and a sluggish property market.