China issues opinions to encourage mass entrepreneurship, innovation

China's State Council has issued opinions to instruct the public on entrepreneurship and innovation, according to an announcement on Wednesday.

Mass entrepreneurship and innovation are important for implementing a new growth strategy as China enters a "new normal" phase of slower growth.

China needs to develop "twin engines" of popular entrepreneurship and mass innovation paired with increased supplies of public goods and services to drive development, Premier Li Keqiang said in the government work report at the National People's Congress annual session this year.

The State Council vowed to provide a better environment for popular entrepreneurship and mass innovation by lowering barriers, strengthening public services and encouraging college students, scientists and engineers in starting new businesses.

China will pilot equity-based online crowd funding and encourage banking and financial institutions to provide loans as financing channels to support small businesses, said the announcement. Endi