China to Build More Demonstration Bases for Mass Entrepreneurship, Innovation

China will further boost mass entrepreneurship and innovation by building 92 more demonstration bases, the State Council, China's cabinet, announced Wednesday.

The government decided to support the building of more demonstration bases for entrepreneurship and innovation as the first group of 28 such bases have played an important role in industrial upgrading and innovation, according to the State Council.

The second group of 92 bases include 45 regional demonstration bases such as Shunyi district in Beijing; 26 university and research institute demonstration bases such as Peking University, and 21 corporate demonstration bases such as Aviation Industry Corporation of China.

The bases will enjoy policy breaks on market expansion, intellectual property protection, finance, and taxation.

Local authorities should build a sound policy environment to promote entrepreneurship and innovation, the State Council said.

They should streamline administrative approvals, delegate power to lower levels, and encourage professional approval services in the demonstration zones, according to the State Council.

China announced the building of first group of demonstration bases in May 2016.

Source: Xinhua