China vows better platforms for entrepreneurship and innovation

China will establish bases for mass entrepreneurship and innovation while develop makerspaces to foster growth, according to a government statement released on Thursday .

Pilot innovation platforms will be established based on existing national demonstration zones for independent innovations and high-tech zones, said a statement released after Wednesday's executive meeting of the State Council presided over by Premier Li Keqiang.

Enterprises, research institutes, universities, and innovators weill be encouraged to collaborate in creating more makerspaces, to facilitate the upgrading of manufacturing and modern services, the statement said.

Priority will be given to information technology, high-end equipment manufacturing and modern agriculture, the statement said.

Idle factories and warehouses will be transformed into innovation bases and makerspaces with government subsidies for rent, utilities and Internet access.

The government will encourage venture capital investment in innovation vases and makerspaces, and will provide policy support in tax,intellectual property rights and other aspects.

The new platforms will provide affordable, comprehensive and professional services for mass entrepreneurship and innovation, help the upgrade of the real economy, create jobs and establish a favorable environment to solve the issue of overcapacity, the statement said. Endit