China encouraging crowdfunding to fuel entrepreneurship

China will encourage crowdfunding to help fund the boom in small businesses that it is hoping will boost the economy, according to Premier Li Keqiang.

"New ideas like crowdsourcing and crowdfunding will be promoted to bring more social forces into play," he said at a meeting of the country's leading group on education, science and technology Thursday.

The meeting covered plans for scientific research and education reform in the next five years, with Chinese leaders having called for more entrepreneurship and innovation, green development and liberalization of the economy.

Li pledged that China will foster "young pioneers" to lead major science and technology projects, but he also said the country will welcome foreign talent to help with the campaign.

The premier asked education authorities to come up with measures to bridge the education resource gap between urban and rural areas, and tasked them with strengthening Chinese universities so they can compete with leading foreign institutions. Endi