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China further promotes entrepreneurship

Updated: Jun 8,2015 4:26 PM

Officials attending the State Council’s executive meeting presided by Premier Li Keqiang on June 4 requested that authorities at various levels should lift curbs on talent moving freely - so as to promote entrepreneurship.

The curbs refer mainly to residential permits and educational background.

A recent report showed that Chinese people returning from abroad and starting a business in Beijing have difficulties getting a residential permit in the capital city. And a project initiated by Shenzhen authorities to attract high-end talent from abroad focuses on highly educated people.

The State Council’s decision to cancel such curbs aims to help more people to start a business.

However, in the short term, the first tier cities - Beijing, Shanghai, Guangzhou and Shenzhen - will not aim to ease restrictions on requirements for those applying for residential permits. And second and third tier cities are expected to attract more entrepreneurs by offering them easier access to residential permits.

The State Council also announced other favorable policies for those wishing to start a business, including further streamlining administrative approval procedures and encouraging local authorities to set up venture capitals.

These measures aim to ensure that talented individuals, regardless of city of residence or educational background, are able to start a business.