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and companies participated as solution seekers. Bridging the
wisdom of entrepreneurs with people's basic needs, the projects
were promoting the application of technological innovations and the
enthusiasm of startups to solve problems of everyday life.
During the event, the national Mass Entrepreneurship and
Innovation data released by the service institutions commissioned
by the National Development and Reform Commission showed the
highlights and achievements in the past five years, which presents
the following five characteristics:
• The environment for innovation and entrepreneurship continued
to improve. In recent years, a total of 169 authorized reform 300 billion yuan ($43.6 billion). China has become the second
measures have been completed in eight comprehensive largest venture capital market in the world.
innovation and reform pilot zones, more than 70 policy documents • The capacity for scientific and technological innovation has been
have been issued, 36 reform experiences have been promoted significantly improved. Over the past five years, scientific and
nationwide, and 120 demonstration bases for entrepreneurship technological innovation has played an increasingly important role
and innovation have been built nationwide. In terms of the world in driving development and economic growth. The contribution
economy, China ranked 46th among 190 economies in 2018 for of scientific and technological progress has risen to 58.5%. Since
ease of doing business, 32 places higher than the previous year 2015, China's innovation index has been soaring. In 2018, China
and the most significant improvement in recent years. ranked among the top 20 countries for the first time, ranking 17th
in the global innovation index.
• Market players are full of vitality. In 2018, the number of newly
registered market entities exceeded 20 million, and the number • Significant progress has been made in creating jobs through
of market entities grew steadily. From the perspective of the innovation. About 4 million people are employed each year on
venture capital market, in 2018, the number of newly raised funds 12,000 incubators, with fresh graduates accounting for more than
on the market exceeded 700, and the amount raised exceeded 14 percent of the total. By 2018, a total of 7.8 million migrant
workers had returned to their hometowns to start their own
businesses. More than 50 percent of them had made use of
information technology to start their own businesses, and nearly
90 percent had started their own businesses jointly.
• New drivers of growth accelerated. since 2015, a new generation
of information technology, energy conservation, environmental
protection, high-end equipment, and other key strategic emerging
industries have maintained rapid growth. New energy vehicles,
smart phone, smart TV and other key products production
continued to rise. Strategic emerging industry is increasingly
become the new engine for economic and social development.

G20 Summit Commits to Inclusion and Equality

Japan hosted the G20 Summit in Osaka as the hosting country on June 28th
and 29th, 2019. G20 leaders issued a communique stressing the importance of
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ensuring that aging societies are active, and supporting gender equality and
women's economic empowerment. The Leaders asked their labor ministers
to foster adequate policy responses to the challenges of decent work and
social protection created by new forms of work, particularly those driven by
technological innovation. The labor ministers are due to meet in Matsuyama,
Japan, in September.
The Communique also restated the Leaders' commitment to promoting
decent work and eradicating child labor, human trafficking, forced labor,
and modern slavery. The communique emphasized that gender equality and
women's economic empowerment ware the key driving factors for sustainable and inclusive development. The gender gap in labor force
participation would be reduced by 25% by 2025, according to the report of ILO and OECD, on reaching the Brisbane Goal. The Leaders
highlighted the burden of unpaid care work, borne disproportionately by women. Looking at policies to end the gender pay gap caused
by occupational segregation, the Leaders reiterated the importance of providing females with improved access to STEM (Science,
Technology, Engineering, and Mathematics) education. The private sector would play a crucial role in closing the gender pay gap by
promoting women's access to managerial and decision-making positions and fostering women business leaders and entrepreneurship.
At the summit, ILO Director-General Gay Ryder welcomed the G20 countries' commitment to building an inclusive society that promotes
fair competition for women, youth and people with disabilities. The G20 communique also highlighted the potentiality for job creation
created by improved efficiency in resource use and the development of the circular economy and the e-waste industry.