China saw an upsurge in mass entrepreneurship and innovation in 2015. This year, scientist Tu Youyou won the 2015 Nobel Prize for Medicine; the number of newly registered enterprises reached 11,600 a day, meaning that every minute, eight new enterprises emerged on average.
Mass entrepreneurship and innovation promotes income distribution reform and social equity, providing young people with more opportunities.
In 2015, the State Council released a series of policies on mass entrepreneurship and innovation, with local governments releasing over 2,000 support policies. To encourage undergraduate students to start their own business, the State Council issued a guideline for a more flexible education system. Migrant workers were also encouraged to return to their hometowns to start businesses. At a State Council executive meeting, it was decided to set up a 60 billion yuan fund for the development of medium and small sized enterprises.
Since 2013, the State Council has canceled and delegated 537 items of administrative approvals – accomplishing the goal that this government promised two years ahead of schedule. In the first three quarters of 2015, the number of newly increased market entities reached 10.655 million; newly increased registered capital exceeded 20 trillion yuan; the number of applications for patents rose to 709,000, from 583,000 the same time last year.
China’s innovation-driven development corresponds to the world’s new round of reform in technology and industry, which provides opportunities to China. Much of the work done by this government involves employment, entrepreneurship and innovation. In addition, local governments and ministries have been adjusting policies to give more importance to market rules.