(Yicai Global) Oct. 23 -- China's northwestern province of Shaanxi has brought in a number of preferential policies to boost entrepreneurship in the area, become more startup-friendly and create more jobs.
The provincial government will reduce the old approval procedures for startups, explore the digitization of the registration process and organize experience entrepreneurs, angel investors, experts and scholars to provide guidance and services to startup businessmen, China Youth Online reported, citing a document published by the local authority.
The region will also step up incubation and widen financing channels. By 2020, it will build around 100 provincial-level incubators and provide subsidies and rewards to the bases dependent on the number of startups they successfully incubate and the number of people those companies employ.
People struggling to find a job, and college graduates who failed to set up their own business, will be able to enjoy social security subsidies for an extra year if their current subsidies are less than one year from expiration or have already expired. The policy aims to create a social atmosphere that encourages startups and tolerates entrepreneurial failure.
Shaanxi will also support the development of emerging industries to promote the transformation of employment. Specifically, it will push the connection between science and other industries and introduce a CNY200,000 (USD30,156) to CNY400,000 support policy for technological small- to medium-sized enterprises during the initial startup stage.