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China Subsidy Exchange

August 9, 2017

China Further Promotes Mass Entrepreneurship and Innovation

The State Council of China published Opinions on Strengthening the Implementation of the Innovation-driven Development Strategy and Further Promoting Deep Development of Mass Entrepreneurship and Mass Innovation (Guo Fa (2017) No. 37) on July 27, 2017, calling on multiple government agencies to take on a variety of tasks to promote entrepreneurship and innovation nationwide to a lager scope and a higher level. As financial supporting measures, the Opinions call on relevant government agencies, including the Ministry of Finance, the General Administration of Taxation, the Ministry of Industry and Information Technology, and the People’s Bank, to improve relevant preferential tax policies, increase credit loan supports, and setting up government funds to support entrepreneurship and innovation. The Opinions also call on local governments to provide similar supporting measures.