For China, a country with more than 1.4 billion people, mass entrepreneurship and innovation not only provides huge opportunities for the public in this regard, but also means fresh support for stabilizing employment and boosting economic vitality. In the first half of 2021, a slew of new policies was unveiled to promote mass entrepreneurship and innovation for greater market vitality.

l  Promote mass entrepreneurship and innovation to boost employment

Tap into community services: Launch special campaigns designed to spur employment through entrepreneurship and innovation efforts in social service sectors such as online education, smart domestic services, telemedicine, smart agriculture and online recycling. The target is to create 600,000 jobs throughout the whole year.

Target college graduates: Support colleges and universities in cooperation with enterprises to promote entrepreneurship and innovation among college graduates, with an aim to create 300,000 jobs for the whole year.

Pursue integrated innovation: Strive to provide 100,000 jobs in 2021 by encouraging integrated innovation among large, medium-sized and small enterprises in demonstration areas. More than 2,000 small and medium-sized businesses will be encouraged to develop their strengths in specialized areas.

Focus on high-quality entrepreneurship: Cultivate growth-stage startups, as well as small and medium-sized enterprises boasting proprietary, elaborate, unique and innovative products, and establish specialized and whole-chain service systems for innovation and entrepreneurship, to transfer 1,000 forms of technology and create 100,000 jobs for this year.

l  Create better environment for entrepreneurship, innovation, deepen reforms to streamline administration, delegate powers and improve services

• Adopt a nationwide list management for all items related to enterprises’ business licenses across China, starting July 1. Enterprises should not be restricted from doing business in relevant industries outside the list.

• Handle first-time official seal engraving and making, invoice application, tax control equipment, social security registration, housing provident fund registration and similar affairs for a newly registered enterprise through a unified online platform.

• Reduce the general review period for trademark registration from eight months to seven months by the end of 2021, with the average review period kept within four months. Shorten the review period for invention patents from 20 months to 18.5 months, with that for high-value patents shortened to 13.8 months. A total of 1.35 million patent examinations are expected to be finished in 2021.

l  Cement policy incentives and ensure sound implementation of preferential tax policies

The ratio of extra tax deductions on manufacturers' R&D costs has been raised from 75 percent to 100 percent, starting Jan 1 this year. That is, enterprises will enjoy a 2 million yuan deduction from taxable income for every 1 million yuan spent on R&D. This year will see reduction of corporate taxes by another 80 billion yuan.

Starting April 1, the advanced manufacturing enterprises, including those in transportation equipment manufacturing and electrical machinery manufacturing, can enjoy refunds of all due value-added tax credits on a monthly basis.

The government also provides guaranteed loan support and interest discounts for business startups, self-employed individuals, and small and micro enterprises, with the maximum loan amount for individuals and small and micro enterprises raised to 200,000 yuan and 3 million yuan, respectively.

l  Expand financing channels

The government called for efforts to intensify inclusive finance, and ensure increases in both the growth rate and accounts of inclusive loans to small and micro enterprises issued by the banking sector, and 30 percent of the growth rate in the amount of inclusive loans to small and micro enterprises from five large State-owned commercial banks. The policy of deferring payments of principals and interests of inclusive loans and the credit loan support policies for small and micro enterprises will be extended to Dec 31, 2021. Business expansion will be guided in credit loans, first-time loans, medium and long-term loans, and loan renewals without principal repayment. Self-service borrowing and return through digital channels will be promoted. Efforts will be made to encourage social capital to establish guiding funds for mass entrepreneurship and innovation based on market rules.