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 China announces new measures to support mass entrepreneurship, innovation
Category:Legislative Updates  
Subject:Fiscal policy and taxation   ; Companies and enterprises  
Publish Date:06-11-2019

BEIJING-- 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 Wednesday.
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.
Apart from increasing support for building entrepreneurship and innovation platforms, the country will promote the industrial Internet and accelerate the application of Internet in such areas as medicare, elderly care and education.
The country will also urge financial institutions to reduce financing rates and costs for small and micro firms, and encourage venture capital investment in entrepreneurship and innovation.
Meanwhile, the meeting stressed that the sufficient supply of agricultural products was crucial to expanding consumption and maintaining economic stability.
Accordingly, more targeted measures will be unveiled to prevent pests and African swine fever, ensure the steady production of soybeans, and stabilize the prices of fresh agricultural products including fruits and vegetables.
At the meeting, a work report on flood prevention and drought control was made, and related authorities were asked to strengthen real-time monitoring and warning, make scientific use of flood-control projects, and formulate contingency plans for relocation and evacuation.
The meeting also passed a draft law for curbing solid waste pollution, and agreed to submit it to the Standing Committee of the National People's Congress for deliberation.

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