China will step up mass entrepreneurship and innovation, and focus on securing employment and market entities while fostering new growth drivers, according to an executive meeting of the State Council on Wednesday.
The meeting was presided over by Premier Li Keqiang, and stressed supporting key groups, including college graduates and migrant workers, in finding jobs and starting their own businesses.
To further unleash market vitality and social creativity, the country will allocate special funds from the central budget to help the construction of innovation and entrepreneurship demonstration centers, while supporting these centers to establish platforms that facilitate integrated cross-regional development involving companies of different sizes.
Financial institutions will be encouraged to provide insurance services for the financial leasing of equipment and entrepreneurial activities.
The meeting urged efforts to step up basic research in mathematics, physics, chemistry and biology, and encourage teenagers to learn and explore basic theories.
As of mid-July, China has issued 2.24 trillion yuan (about 320 billion yuan) of special local government bonds, while the expenditure reached 1.9 trillion yuan.
All funds raised via special local government bonds were spent on major projects, which played a positive role in mitigating the impact of the COVID-19 epidemic, expanding effective investment, and keeping the fundamentals of the economy stable.
Local authorities should accelerate the issuance and utilization of special bonds to boost the construction of new infrastructure, fresh urbanization initiatives, and major projects, as well as public health facilities, the meeting said, adding that the funds can be used to aid disaster relief work if needed.
Bond funds are strictly prohibited from replacing outstanding debt or image projects that waste both human and financial resources, the meeting stressed.
A draft regulation on detailing provisions of the budget law was adopted at the meeting, aiming at ensuring public finances truly benefit the people.
