China to explore new models to boost innovation, entrepreneurship

BEIJING - China will accelerate its exploration of new models to promote innovation and entrepreneurship, the central government said in a statement on Saturday.

The government will step up the establishment of relevant platforms, support crowdsourcing, encourage private capital to invest in innovators and widen funding channels, according to a guideline released by the State Council, China's cabinet.

Inventors and innovative startups should make the most of opportunities generated from the Internet and the government should remove barriers and lift restrictions that stifle new ideas and business, the guideline said.

Science parks, innovation bases and incubator projects will be encouraged to build new online innovation platforms. Leading Internet firms should also share resources with innovators and e-commerce platforms were urged to lower their thresholds for startups.

The government will promote crowdsourcing in high-tech enterprises, research institutes and manufacturers, and encourage crowdsourcing in service providers in transportation, couriers, finance, medical treatment and education.

The guideline also said large companies should assist innovators in upstream and downstream industries, and associations should intensify their support to small firms.

Moreover, small- and micro-sized firms can turn to crowd-funding to widen financing channels and the government will look into regulation that protects borrowers, according to the guideline.

The guideline promised that the government will grant easier market access to startup companies by cutting red tape and improving supervision.