BEIJING, Feb. 12 — Some 21.6 million companies were registered in
the past five years in China, thanks to the government’s push for
entrepreneurship and innovation to bolster growth.
Since China introduced mass entrepreneurship and innovation policies in
2014, more than 4,200 new hackspace companies have been created, serving
over 120,000 start-up businesses and raising over 5.5 billion yuan (870
million U.S. dollars) In 2017, online sales increased by 28 percent and
express delivery volume grew by nearly 30 percent. A string of new growth
engines such as sharing and digital economies have been established. The
government has cut red tape, reduced taxes and slashed fees for
enterprises. Mass entrepreneurship and innovation has been an effective
driver for both economic growth and the consistent transition between
traditional and new growth engines. It has also significantly contributed
to creation of new jobs and increase in income. – XINHUA
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