An innovation and entrepreneurial spree has swept China since last year’s “two sessions”, the annual sessions of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC). Data indicated that the country is now outpacing the rest of the world in creating new start-ups.
Statistics from UHY, a London-based consultant agency, showed that the number of newly established firms totaled 1.61 million in 2014, growing by nearly 100 percent every year since 2010. The growth rate is twice of that of the UK, and also far faster than that of the US, the report said.
China’s policies to encourage entrepreneurship and innovation contributed to such a thriving entrepreneurial boom.
It is reported that Chinese Premier Li Keqiang requested to include the strategy of “mass entrepreneurship and innovation” in the government work report last year.
At present, the Chinese government is stimulating market players by streamlining administration procedures, and at the same time creating a favorable macro-environment by launching such strategies as “Internet+,” which means the application of the internet and other information technology in conventional industries.
Plenty of platforms serving those early-stage entrepreneurship, known as maker spaces, are sprouting up nationwide. Those platforms, acting as incubators, can provide the start-ups with one-stop services covering work space, registration guidance, legal consultancy service and technology support.
Zhongguancun Entrepreneurship Street, or known as Z-innoway, in Beijing is one of such places carrying the dreams of the young people. A building in Tianjin called “Entrepreneur and Innovation Mansion” is also an example.
Thanks to the policy and fund support from the government, coupled with the help of those platforms, a start-up can complete its registration procedure in a few days.
A survey from the Global Entrepreneurship Monitor revealed that 13 percent to 24 percent of China’s adults are now preparing to start a business or having started one since 42 months ago.
Some successful start-up stories in China can even be described as legends. The Shenzhen-based DJI Innovations, now world’s largest producer of consumer drones, is one example.
The company, founded by three postgraduates, started with less than 10 employees and a rented apartment six years ago. By last August, it had became an industry leader with over 4,000 staff.
Premier Li once stressed that to promote massive entrepreneurship and innovation by all will expand employment, increase people’s incomes and contribute to vertical social flows as well as social equity and justice.
Analysts agreed that besides helping young people to realize their dreams, entrepreneurship and innovation can benefit the transformation and upgrading of China’s economy.
By Sun Tianren (author is a journalist of People’s Daily)