China will provide greater policy support for college students pursuing careers in innovation and entrepreneurship to ensure that graduates enjoy fuller and higher-quality employment, according to a new guideline.
Issued by the General Office of the State Council, China's Cabinet, on Tuesday, the guideline describes college students as a vibrant force, but points to issues hindering innovation and entrepreneurship such as the lack of experience, difficulties in securing financing and the lack of services to help students with their businesses.
Colleges are tasked with placing greater emphasis on teaching entrepreneurship and innovation and should hire qualified external professionals to serve as mentors.
Authorities are tasked with creating a more favorable environment for startups and innovative projects, while government-funded incubators should reserve 30 percent of their space for rent-free use by college entrepreneurs.
The guideline also stressed the importance of improving financial support by exploring new funding channels and introducing favorable financial policies.
Small and micro businesses founded by graduates can apply for up to 3 million ($465,000) in low-interest loans. The guideline further stipulated that intellectual property protection for innovative projects be enhanced.
Local government should explore the establishment of helping mechanisms such as subsidies and the provision of insurance to cover failed projects.
The guidelines also noted the expansion of the annual China International College Students' "Internet Plus" Innovation and Entrepreneurship Competition which aims to boost entrepreneurship and innovation among college students.