China’s Central Government Encourages Entrepreneurial Spirit

Monday, China’s Central authorities released a guideline document on encouraging entrepreneurial spirit and creating a favorable environment for entrepreneurship.

The guideline, the 1st of its kind focused on entrepreneurial spirit, was released by the Communist Party of China Central Committee and the State Council in a move to drive market vitality.

The government will protect the legal rights and interests of entrepreneurs, ensure fair competition and strengthen protection of IPR (intellectual property rights) to encourage innovation.

It will also work on rules to protect IPR of innovative achievements such as new business models and cultural creativity.

A negative list management program will be rolled out nationwide to ensure fair access to industries and businesses that are not off-limits for market entities, according to the guideline.

The guideline stated that the government will fight against monopolies, unfair competition practices and regional protectionism, and remove regulations that undermine fair competition.

Stay tuned…

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