China: Innovation, entrepreneurship help build new growth engine China saw a record startup boom in 2015 as a total of 4.44 million companies were established, up 21.6 percent from a year ago. More than 80 percent of the new firms were in tertiary industries.
The boom came after government efforts to encourage people to open their own businesses, including easier market entry, less red tape and tax breaks. College students, overseas returnees and even migrant workers are emerging as major forces in entrepreneurship.
Emerging industries, the most attractive sectors for startups, accounted for 8 percent of China's GDP.
"The wave is likely to continue in the coming years as there is still ample room for improvement," said Zhou Shiping, an official with the State Administration for Industry and Commerce. He explained that there are 16 companies for every 1,000 people in China, much lower than 44 in Germany, 43 in Japan and 26 in the United States.
China has been increasing policy support for new businesses, especially in their starting period.
The government will establish innovation platforms and encourage enterprises and universities to build more makerspaces, said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang on Feb. 3.
There were more than 2,500 incubators for high-tech businesses and over 4,000 innovation bases by the end of 2015, data showed.
http://www.china.org.cn/business/2016-02/12/content_37777857.htm
