Mr. Li Xiangwei, Director of Entrepreneurship Guidance Office of the Employment Department of the Ministry of Human Resources and Social Security of PRC, shared the Office’s experience in promoting sustainable development of start-up enterprises. Firstly, optimize the market access environment and remove the entry barriers through a series of measures, including simplifying registration procedures of enterprises and recommending the State Council to cancel over 430 (near 70%) items of professional qualification certification. Secondly, cultivate a public platform for entrepreneurship and innovation. By now, the Office has summarized and promoted various new incubation models, created entrepreneurship incubation bases with the support of various industrial parks, and set up over 70 demonstration bases for entrepreneurship incubation in China.

In terms of entrepreneurship service and training, Departments of Human Resources and Social Security at all levels provide all types of services to more than 3 million people every year, including project development, guidance on starting business, financing service, policy advice, follow-up support, and organization of entrepreneurial activities. The last two "China Maker" Youth Innovation & Entrepreneurship Competition has attracted 16,000 entrepreneurship projects and a large batch of venture capital institutions, while constantly exploring new modes of entrepreneurship training.  With respect to entrepreneurship financing, we’ve been innovating various financing channels, including venture capital, angel investment and equity investment. By now, the equity investment in China has reached RMB 10 trillion Yuan. In future, we’ll accelerate the establishment of national SME development fund and national emerging industries venture capital guiding fund to make full use of the multi-layered capital market, including Growth Enterprise Market (GEM) and regional equity investment markets. On the other hand, China is stepping up to promote policy on entrepreneurship guarantee loan. In 2016, the total loan guarantee amounted to RMB 101.5 billion Yuan, with 80% for individual entrepreneurs and nearly 20% for small and micro enterprises, as against the gross interest subsidies of RMB 8.3 billion Yuan in 2016.

In addition, the labor condition and social security of enterprises and their employees have been strengthened through such measures as tax reduction and exemption for start-ups, subsidies on social security and training, and lower social insurance premium rate for small and micro enterprises, which have achieved remarkable results. Newly registered enterprises have maintained a growth rate of over 20% since 2013.  Last year, about 15,000 new enterprises are registered on a daily basis, up by 300 than the previous year.