Chinese Premier Li Keqiang urged further efforts to boost mass entrepreneurship and innovation in the 14th Five-Year Plan period (2021-2025), during the State Council’s executive meeting on June 22, reiterating what he said about this policy in previous meetings over the past year. He said that the government should push forward mass entrepreneurship and innovation at a deeper level, better implement the requirements of new development concept, and stimulate market vitality on a greater level to boost development, expand employment and benefit people’s livelihoods. More work will be implemented from following aspects:

• Employment provides momentum for development and wealth. Efforts to promote mass entrepreneurship and innovation in recent years have had an obvious impact on employment. He stressed the continuous efforts to boost employment through entrepreneurship. Employment provides momentum for development and sources of wealth, especially for a country with more than 1.4 billion people, China’s mass entrepreneurship and innovation not only provided broad innovation and startup chances to the masses, but also helped stabilize employment and boost economic vitality.

• Better environment for mass entrepreneurship, innovation. Unswerving efforts should be made to create a more favorable environment for mass entrepreneurship and innovation. Administration should be further streamlined, powers delegated, with unreasonable obstacles removed. Authorities should promote innovation of enterprises of all types, encourage key enterprises in industrial chains to better pioneer, open factor resources including market, innovation, and capital, construct cultivation centers for entrepreneurship and innovation that cover R&D, incubation, investment, and more, and facilitate the development of small and medium enterprises that are specialized, and take the lead in subdivision areas in manufacturing. Fair supervision should be strengthened to protect the legal rights of micro, small, and medium enterprises as well as individual businesses.

• Policy incentives should keep going. More financial preferential policies are needed by micro and small entrepreneurs, and the government will step up related support and energize their development. And further efforts should be made to expand financing channels for mass entrepreneurship and innovation, improve inclusive financing, and encourage social capital to establish guiding funds for mass entrepreneurship and innovation.