(Yicai Global) Oct. 27 -- The government of China's southern Guangxi Zhuang Autonomous Region has released a new policy document introducing financial subsidies to support the development of startups and mass entrepreneurship and boost graduate employment, state-owned Xinhua News Agency reported yesterday.
The government will provide two-year rent and broadband subsidies to co-working spaces and offices identified as entrepreneurial incubation hubs, said Jiang Qingshen, head of the Social Security Office at the region's financial department.
Spaces identified as such hubs will receive CNY1 million (USD150,000). College graduates and those who operate their first small enterprise for one year in the autonomous region will receive entrepreneurship support grants worth CNY5,000 (USD752).
Small enterprises or social organizations in Guangxi that employ college graduates on contract terms of more than one year, and who make social security contributions, will also receive subsidies. The region will also offer up financial aid to enterprises that hire candidates from impoverished backgrounds.