Startup Push

The central authorities have pledged to go further on innovation-driven development and entrepreneurship, with more policy incentives for entrepreneurship from overseas.

According to a set of guidelines released after a State Council Executive Meeting on July 12, China will establish an integrated digital business license registry and enable one-stop registration for foreign enterprises and their domestic counterparts within a given timeframe.

The government will simplify the work and residence permit application procedures for high-caliber foreign professionals and pilot integrated services in housing, schooling and medical care. International students in China who start new businesses can also apply for a residence permit with their diplomas.

Statistics from the State Administration for Industry and Commerce show that more than 13 million new enterprises were registered in China between March 2014 and February 2017, 94.6 percent of which were in the private sector. In the first five months of this year, 15,600 new enterprises were added daily on average.

The nation will also put in place programs to support the return of Chinese students overseas for business startups and innovation and to enable Chinese entrepreneurs from overseas and Hong Kong and Macao special administrative regions to enjoy the same public services as local residents, according to the guidelines.