China will roll out new measures to catalyze entrepreneurship and innovation with particular focus on employment of and business start-up by college graduates, and other key populations, the State Council's executive meeting on July 5, 2020, chaired by Premier Li Keqiang decided .

The nationwide initiative spurring entrepreneurship and innovation is a crucial underpinning for sustaining and expanding employment and nurturing new drivers of growth. Premier Li Keqiang highlighted the need to take forward further the entrepreneurship and innovation initiative, and catalyze its role in promoting employment, especially for college graduates.

New drivers of growth will be fully harnessed to support jobs and market entities, with a particular focus on the employment of college graduates, rural migrant workers, who have returned to their hometowns.

A series of concrete measures were adopted at the meeting. Support for entrepreneurs and innovators will be scaled up. Special funds will be earmarked from central budgetary investment for the development of the entrepreneurship and innovation demonstration centers.

Idle factory buildings and under-used land will be brought into full play as part of more significant support for critical entrepreneurial and innovation projects. Government-invested incubators will provide a portion of their venues free of charge to college graduates and rural migrant workers. One-off subsidies may be granted to first-time entrepreneurs returning or moving to the countryside, who have kept their business start-ups in regular operation no less than a year.

Demonstration programs for boosting employment by entrepreneurial activities will be carried out. Enterprises, entrepreneurship and innovation demonstration centers, and online platforms will be encouraged to jointly provide training on entrepreneurial skills such as nursing, elderly care, domestic services, tourism, and e-commerce, to shape the expectation of job-seekers and broaden their prospects for employment.

The entrepreneurship and innovation demonstration centers will be encouraged to build platforms for integrated cross-regional development involving companies of different sizes. And platforms providing specialized services will be created for the commercialization of scientific and technological research outcomes.

Financial institutions will be encouraged to provide insurance services for the commercial leasing of equipment and entrepreneurial activities.