China vows to unleash market vitality, spur innovation

%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20State%20Council%2C%20China%27s%20cabinet%2C%20on%20Thursday%20pledged%20to%20continue%20streamlining%20administrative%20procedures%20and%20improving%20government%20services%20to%20support%20mass%20entrepreneurship%20and%20innovation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EA%20statement%20released%20after%20a%20State%20Council%20executive%20meeting%20on%20Thursday%2C%20presided%20over%20by%20Premier%20Li%20Keqiang%2C%20said%20that%20priority%20should%20be%20given%20to%20unleashing%20market%20vitality%20and%20creativity%20to%20bolster%20productivity%20and%20job%20creation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22More%20effort%20will%20be%20given%20to%20intellectual%20property%20protection%20and%20injecting%20new%20growth%20momentum%20into%20entrepreneurship%20and%20innovation%2C%20through%20the%20creation%20of%20sharing%20platforms%20and%20government%20procurement%2C%22%20according%20to%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELocal%20governments%20were%20encouraged%20to%20establish%20entrepreneurialism%20funds%2C%20issue%20preferential%20policies%20for%20makers%2C%20as%20well%20as%20give%20tax%20support%20to%20investors%20that%20fund%20small%20and%20micro-firms%2C%20business%20incubators%20and%20innovation%20activities%2C%20it%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EPremier%20Li%20Keqiang%20is%20an%20advocate%20of%20startups%20and%20innovation%2C%20and%20has%20visited%20many%20inventors%20and%20makers%20this%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20economy%20grew%207.4%20percent%20in%202014%2C%20the%20slowest%20rate%20for%2024%20years.%20The%20government%20lowered%20its%202015%20target%20to%207%20percent%2C%20while%20underscoring%20that%20growth%20should%20be%20driven%20by%20quality%20and%20innovation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22These%20measures%20will%20be%20beneficial%20to%20startups%2C%20as%20they%20normally%20have%20to%20grapple%20with%20challenges%20like%20insufficient%20capital%20and%20weak%20risk%20tolerance.%20And%20preferential%20tax%20policies%20will%20create%20new%20momentum%20for%20entrepreneurship%20and%20innovation%2C%22%20said%20Bai%20Ming%2C%20a%20senior%20researcher%20with%20a%20Ministry%20of%20Commerce%20think%20tank.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ECrowdfunding%20and%20other%20financing%20methods%20should%20be%20encouraged%2C%20and%20businesses%20with%20special%20types%20of%20equity%20structures%20should%20be%20encouraged%20to%20file%20for%20initial%20public%20offerings%20%28IPOs%29%2C%20according%20to%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20cabinet%20also%20said%20it%20would%20create%20a%20friendly%20environment%20for%20entrepreneurship%2C%20and%20new%20technology%20and%20business%20models.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELocal%20governments%20should%20implement%20measures%20in%20an%20earnest%20manner%20to%20ensure%20establishing%20startups%20in%20China%20is%20easier%2C%20said%20Wang%20Yukai%2C%20a%20professor%20with%20the%20Chinese%20Academy%20of%20Governance.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EPrivate%20investors%20will%20be%20invited%20to%20establish%20medical%20institutions%2C%20and%20approval%20procedures%20for%20privately-built%20hospitals%20will%20eased%2C%20noted%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20a%20decision%20reached%20at%20the%20meeting%2C%20China%20will%20implement%20a%20unified%20credit%20code%20system%20for%20corporations%20and%20other%20organizations.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28Global%20Times%29%3C/FONT%3E%3C/P%3E