China will take various measures to push Mass Entrepreneurship and innovation, according to a decision made at a State Council executive meeting chaired by Premier Li Keqiang on June 15, 2019. 

The costs for Mass Entrepreneurship and Innovation should be lowered via more streamlined administration while implementation of tax incentives for research and development are accelerated, according to the meeting.

The details of measures are as following:

• Foster the entrepreneurship as an effective way to enhance employment, especially for the graduates and veterans.

• Increase support for building entrepreneurship and innovation platforms.

• Promote the industrial Internet and accelerate the application of Internet in such areas as medicare, elderly care and education.

• Support demonstration bases to conduct trials in terms of scientific research projects implementation, results confirmation and transformation. 

• Accelerate the implementation of the 75% pre-tax deduction of research and development expenses.

• Urge financial institutions to reduce financing rates and costs for small and micro firms, and encourage venture capital investment in entrepreneurship and innovation.