China:More entrepreneurship support for private enterprises and inclusive group
  • 2024-02-01
  • Entrepreneurship Research Center on G20 Economies
  • Edit
  • On November 30, 2023, China’s Ministry of Human Resources and Social Security issued a notice aimed at fortifying measures to support and foster the robust development of private enterprises. The notice introduces a series of policy measures designed to propel the expansion, optimization, and fortification of the private sector, thereby actively contributing to the high-quality development of private enterprises. The key facets covered in the notice include the following:

    l  Entrepreneurship Support:

    The notice underscores more support of entrepreneurship initiatives for private enterprises, specifically targeting key groups such as college graduates, migrant workers, and individuals facing employment challenges.

    l  Supply of Technical and Skilled Talent for Private Enterprises:

    The notice accentuates the broadening of the supply of technical and skilled personnel to private enterprises. This entails deepening collaboration between educational institutions and businesses, establishing training bases for highly skilled individuals, setting up master studios for skills development, creating a "green channel" or "direct route" for professional title evaluations, ensuring seamless channels for talent assessments, and enhancing incentive mechanisms for talent.

    l  Employment and Entrepreneurship Services for Private Enterprises:

    The notice advocates for the optimization of employment and entrepreneurship services for private enterprises. This encompasses supporting stable job positions and expansion initiatives, reinforcing public employment services for private enterprises, establishing platforms for innovation and entrepreneurship services for small and medium-sized enterprises, and consolidating resources for integrated services such as entrepreneurship information dissemination, business consultation, capacity building, guidance and assistance, incubation services, financing support, and event organization.

    l  Labor Relations:

    The notice focuses on promoting harmonious labor relations by enhancing the mechanisms for tripartite coordination in labor relations. This involves strengthening the negotiation and mediation of labor disputes in private enterprises, reinforcing one-stop mediation for disputes related to new forms of employment, and optimizing labor security inspection services. The aim is to guide private enterprises to conscientiously abide by labor laws, implement administrative penalty exemptions for minor violations, and create a favorable, stable, and equitable market environment for the growth and expansion of private enterprises.

    l  Social Insurance:

    The notice outlines efforts to augment support for social insurance for enterprises. This includes the phased reduction of unemployment and work injury insurance rates until the end of 2025. It also emphasizes the implementation of a policy to refund unemployment insurance premiums for private enterprises that refrain from layoffs or minimize layoffs. Additionally, there are plans to organize pilot projects for occupational injury protection for individuals in new forms of employment, leveraging the role of work injury insurance in reducing risks.

    The notice underscores the imperative for local human resources and social security departments to establish regular mechanisms for communication and exchange with private enterprises, ensuring the effective implementation of policies aimed at promoting the growth and expansion of the private economy. It encourages facilitating enterprise-related services, continuously optimizing service processes, and deepening reforms for "one-stop" enterprise-related procedures. Furthermore, the notice underscores the importance of connecting public services, promoting the reasonable flow and effective allocation of various talent resources to private enterprises.

  • Partners

  • Global Health Innovation Center (GHIC)
  • World Intelligent Incubation Network (WIIN)
  • National University of Singapore
  • Canada-China Institute For Business & Development
  • TusPark Research Institute for Innovation
  • Cross-strait Tsinghua Research Institute
  • Tsinghua X-Lab

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