President Xi Jinping has called for more educational reforms to help build talent and encourage entrepreneurial risk-taking, as part of a government push towards nationwide “mass entrepreneurship and innovation”. The Ministry of Education has already rolled out draft regulations that will allow college students to suspend their studies to start their own businesses. If and when the entrepreneurs go back to school, they will be able to translate what they have learned in the real-world into college credits.
New national encouragement policies will also give entrepreneurs the opportunity to borrow up to 100,000 yuan in startup loans. And the government will subsidize the interest entrepreneurs pay on loans issued by financial institutions. If a startup hires a new college graduate, the government will also pay for that worker’s social insurance fees and fees for training.
Starting in September, Beijing will start offering awards of up to 200,000 yuan to college startups. And starting this December, the capital will start offering its college entrepreneurs special tax deductions.