China will continue to promote entrepreneurship and innovation by creating a favorable environment for startups, offering fiscal support and strengthening international cooperation, a government official said.
Zhang Zhihong, head of the Torch High-Tech Industry Development Center under the Ministry of Science and Technology, said: "Entrepreneurship and innovation can help the upgrade of the real economy and promote supply-side structural reform. Venture investment has become a key foundation for the mass entrepreneurship and innovation."
According to the center, China owned 4,298 makerspaces - areas where people can gather to create, invent and learn - and more than 3,255 incubators at the end of last year. Some world-renowned incubators and accelerators have also set up shop in China and are providing capital and technical support for startups in the country.