One year ago on Jan 4, 2015, Premier Li Keqiang pressed the ‘enter’ key on a computer to finalize the first loan by WeBank, when he visited Shenzhen in South China’s Guangdong province.
The loan, 35,000 yuan ($5,600), approved by the Premier helped a truck driver Xu Jun in Shenzhen get his first own truck.
One year later, Xu not only repaid the money in time, but also took out another 20,000 yuan loan from the bank for the insurance of his truck.
He said the loan is convenient, and if he is ever in need of money, he will go to WeBank.
WeBank is an online bank and one of the five privately funded banks given approval to open in China. The Premier hopes the Webank will help more manufacturers to innovate and set up businesses in the country.
“The bank not only attracts funds, but also lends money to others. It is a significant step in China’s financial reform and the reform for the Internet-based banking,” said the Premier on Jan 4, 2015.
Mass entrepreneurship and innovation has been the key task of the government. In last year’s government work report, mass entrepreneurship and innovation was regarded as one of the two engines to drive China’s economy and the government hoped it could help boost employment and eliminate overcapacity.
The promotion of mass entrepreneurship and innovation not only needs the enthusiasm of the Chinese people, but also the support of the government. Last year, the State Council continued simplifying administrations and delegating powers, and set up a fund of 40 billion yuan to support the national-level new emerging industries.
A State Council executive meeting on Feb 3, the last one in the Year of Sheep, also decided to create more innovation bases and develop makerspaces in China.
The Premier said that China has more than 900 million workforce, and every year more than seven million graduate from colleges, which provide more labor force for the entrepreneurship and innovation, create new supplies, release new demands and give important powers for China’s steady growth.
Before this year’s Spring Festival, this reporter met the truck driver Xu Jun in Dongguan of Guangdong province. He was headed for Sichuan with the truck loaded with goods, and he said with the support of the government policies his life and business will get better.