2016-China puts faith in start-up boom

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2016-China puts faith in start-up boom

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Re: 2016-China puts faith in start-up boom

Post by sophiaguo on Sun Sep 04, 2016 6:19 am

On the one hand, Chinese government does promote innovation and encouraged entrepreneurship by introducing some policies such as cutting red tape, offering tax rebates to start-ups. The new measures provide more chances and reduce burden for people who want to start up a company and make it easier to register new companies.

But on the other hand, so far, Chinese government does not have a convincing criteria to pick winners in variety industries who should enjoy the reward policy. And just as the passage mentioned “what is happening in China is that businesses are being chosen based on local government connections. Who is making the decisions about where the investments get made? You cannot make rational capital allocation decisions when the government is involved with where the money comes from,”

And in that case, some people may focus on how to swindle government subsidies instead of focusing on how to operate a company. And since most of government subsidies are lie in a small group of industries so that also could lead to a serious homogenization of competition.

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Re: 2016-China puts faith in start-up boom

Post by brave.han on Mon Sep 05, 2016 9:55 am

With good intentions, the Chinese government encourage people to start their own business and to make innovations.Involving in a start-up firm, driving knowledge and business innovation,leading to a creative breakthrough, all of those are worthy of respect and support.

Another side, try to avoid go to other extreme,it is easy to result in a herd behavior on "faith in start-up boom", is testing the management capability of Chinese governments as well as the wisdom of player.

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Re: 2016-China puts faith in start-up boom

Post by jeremy_SG on Mon Sep 05, 2016 4:12 pm

It is a long way for China to reach a 'start-up boom' age.
Though star up is good direction to keep China economy fast growing and worth to invest a lot of mony , but it is still a long way to got to the ‘start-up’age. There are several reasons for this.
First, the economic environment is still not a totally market-oriented market in China. The state owned companies still dominate the economy and have much better resource ,comparing the private company. The situation could limit the start up company to grow up.

Second, the ability of government’ administration for so many start-up companies is still at a low level according to the article, though the government invest lots of mony on promoting it. As the article said,‘Picking winners in venture capital is hard and what is happening in China is that businesses are being chosen based on local government connections.’

Third and not the last, the legal environment to protect the intellect property is not favor of promoting start-up strategy. China government only wanted to invest money on this economic strategy but without a intention to amend its legal system. Ii will be a disaster for a small company if its intellect property was been copied.

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Re: 2016-China puts faith in start-up boom

Post by Trezy Xue on Tue Sep 06, 2016 9:16 am

Government plays an essential role in China's business world. Therefore, if the Chinese entrepreneurs want to achieve something in this "new normal" economy, there's no way they can success without government's support. With this significant input from government, below two sides can release some of the pressures on the start-up companies' shoulders:
1) Investment: creativity requires 3Ts, and all of these need cash to support. Investment includes but are not limited to talent education, free office spaces, apartments for newcomers, and loans for R&D. These can really help the start-up companies out in their starting up periods.
2) Tax-refund: we can already see many tax policies for start-up and innovative companies were really attractive. With the new round of encouragement of innovation, more and more favorable policies can be expected. These could be an extra incentive for these innovators.

But more innovations also requiring more protection for them. The government now takes more responsibilities on the IP protection than any of the past eras and any of other related parties. The RMB2.1tn ($320bn) must be spent certain part of it into this specific topics. If the innovation is easy to be copied without any severe penalty, the entrepreneurs' enthusiasm will soon be exhausted.

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Re: 2016-China puts faith in start-up boom

Post by Tristan Xia on Fri Sep 09, 2016 5:41 am

jeremy_SG wrote:It is a long way for China to reach a 'start-up boom' age.
Though star up is good direction to keep China economy fast growing and worth to invest a lot of mony , but it is still a long way to got to the ‘start-up’age. There are several reasons for this.
First, the economic environment is still not a totally market-oriented market in China. The state owned companies still dominate the economy and have much better resource ,comparing the private company. The situation could limit the start up company to grow up.

Second, the ability of government’ administration for so many start-up companies is still at a low level according to the article, though the government invest lots of mony on promoting it.  As the article said,‘Picking winners in venture capital is hard and what is happening in China is that businesses are being chosen based on local government connections.’

Third and not the last, the legal environment to protect the intellect property is not favor of promoting start-up strategy. China government only wanted to invest money on this economic strategy but without a intention to amend its legal system. Ii will be a disaster for a small company if its intellect property was been copied.

I hold the similar idea with you.
Actually, in my opinion, like we discussed during the class, Government can not make creativity or entrepreneurship, but it can promote, or in other words, create a good environment to let entrepreneurship be able to grow themselves.
We don't have a Steve Jobs, but we have a Ma Yun, this may be because of Hangzhou government's open policy to digital business, and a huge number of China's population. We cannot make a Ma Yun, but we can increase the possibility of cultivate an another "Ma Yun" or Steve Jobs.
And yes, it's a long and tedious way to go, and we shall search around to find a way.

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Re: 2016-China puts faith in start-up boom

Post by LUO JIAYIN on Sun Sep 11, 2016 6:01 am

jeremy_SG wrote:It is a long way for China to reach a 'start-up boom' age.
Though star up is good direction to keep China economy fast growing and worth to invest a lot of mony , but it is still a long way to got to the ‘start-up’age. There are several reasons for this.
First, the economic environment is still not a totally market-oriented market in China. The state owned companies still dominate the economy and have much better resource ,comparing the private company. The situation could limit the start up company to grow up.

Second, the ability of government’ administration for so many start-up companies is still at a low level according to the article, though the government invest lots of mony on promoting it.  As the article said,‘Picking winners in venture capital is hard and what is happening in China is that businesses are being chosen based on local government connections.’

Third and not the last, the legal environment to protect the intellect property is not favor of promoting start-up strategy. China government only wanted to invest money on this economic strategy but without a intention to amend its legal system. Ii will be a disaster for a small company if its intellect property was been copied.

I agree with your points and would like to supplement that in addition to the capital investment to those start-up companies, the next step which is even more important is to provide good platforms for providing consultant, management training, as well as enhancing the consciousness of intellectual property. To realize the "start-up boom", it is necessary to ensure more great innovative ideas are transformed to real innovative products/services.

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Re: 2016-China puts faith in start-up boom

Post by Suky Yang on Wed Sep 14, 2016 7:06 am

Choose the rigth company to invest is really hard. As the article says, protectionism and cronyism remain widespread, if the investment comes to those people then it may not have any outcome, while the real innovatived company may lose the chance and power to enter new market. The government shall legislate against this kind of situation happen.

On the other hand, it's a positive policy for company and society, it will stimulate the economics and turning towards high-tech and creative industry.

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Re: 2016-China puts faith in start-up boom

Post by ShiLiang on Thu Sep 15, 2016 5:56 am

The stage of Economic Transformation can break down to four types. 18th Century was the Agricultural Age, 19th Century was the industry age. 20th century is the beginning of Information Age and most developed nations have been through that part and now, they are shifting to Conceptual Age. China, as a big developing country, would like to catch the wave and move quickly from industry age to conceptual age.

The Chinese government has realized the change and urged the transit to take place by providing favorable policies. They encourage more service sector-led model driven by consumption.

Premier Likeqiang has been supporting the mass entrepreneurship and innovation. Billions of dollars have been set aside for boosting start-up companies. The amount of government funding does not aim to a handful few but to the mass public. The boundaries are wide and open. In the practice, local officials showing the support by cutting red tape, offering tax rebates to start-ups and making it easier to register new companies.

However, when government is involved in the business decision, things get tougher. Business people found it still hard to compete protectionism. Simply implementing money to the business make shortcut for people who just make quick money, because real business growth takes risks and great decision and execution.

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Re: 2016-China puts faith in start-up boom

Post by Weng Shechao on Fri Sep 16, 2016 7:06 am

Trezy Xue wrote:Government plays an essential role in China's business world. Therefore, if the Chinese entrepreneurs want to achieve something in this "new normal" economy, there's no way they can success without government's support. With this significant input from government, below two sides can release some of the pressures on the start-up companies' shoulders:
1) Investment: creativity requires 3Ts, and all of these need cash to support. Investment includes but are not limited to talent education, free office spaces, apartments for newcomers, and loans for R&D. These can really help the start-up companies out in their starting up periods.
2) Tax-refund: we can already see many tax policies for start-up and innovative companies were really attractive. With the new round of encouragement of innovation, more and more favorable policies can be expected. These could be an extra incentive for these innovators.

But more innovations also requiring more protection for them. The government now takes more responsibilities on the IP protection than any of the past eras and any of other related parties. The RMB2.1tn ($320bn) must be spent certain part of it into this specific topics. If the innovation is easy to be copied without any severe penalty, the entrepreneurs' enthusiasm will soon be exhausted.

I strongly agree with you. Government play a irreplaceable role in promoting innovation across the world, including the most innovative cities like Bangalore, Singapore, Tel Aviv.

However, it is also a issue to be considerable that to which extent government's intervention in start-ups is suitable. In my view, government should provide more support to the allocation of talented people, improve the livelihood like control housing prises and build connections between local universities and start-ups.These factors may be more important for the a successful start-up. Government grant or tax rebate actually is a direct and fast method to support start-ups but may not be the key factor to promote a start-ups's growth in the long-term.

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Government's Role in Innovation

Post by Lin Lixian (Lynn) on Fri Sep 16, 2016 12:14 pm

I think the government may already cross the line in this case: such funding might spoil innovation rather than stimulate innovation.

Government could help to create an environment favorable to innovation as long as it encourages fair competition. It shall never cross the line and engage itself on the micro-level of economic activities. Direct funding into the few chosen lucky ones deprive them the necessary skills to survive on their own. It could be worse that the company comes without serious commitment to either the industry or to innovation.

A supporting example comes from the green energy industry. China has been encouraging the wind power industry with tax breaks and direct subsidiaries. It leads to the quick emergence of quite a majority of manufacturers, even to the extent of industry over-capacity. Sinovel, one typical wind turbine manufacturer, taking full advantage of the policies, quickly rose to be world's second largest manufacturer in terms of annual installation in 2010. However, it either lacked the intension or the skill to survive in the coming industry chill and quickly fell out of sight. On the other hand those who move on a more steady pace continues to grow with new innovative product and business model.


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Re: 2016-China puts faith in start-up boom

Post by orangeli on Sat Sep 17, 2016 6:32 am

It seems that everybody in the socialty is encouraged to set up a business, including me. The initiation of having self-business however, should be beyond of making quick money.

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Re: 2016-China puts faith in start-up boom

Post by benliu on Sat Sep 17, 2016 4:30 pm

Government may have good will to stimulate in supporting entrepreneurship, but the method is worth to be discussed. Government choose the topic of innovation and fund the companies who follow government requirement. This might be a most direct method to generate the innovative output that government need by most, but potentially, it might be a case of putting the cart before the horse. Most of the company will not do any true innovation, but target to meet government's intention in order to get the funding. Government, in this case, should more focus on the legislative perfection, for example, protect intellectual property, to make the startup company can survival in a health environment. And let the market to choose the right company and right topic of innovation.

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Re: 2016-China puts faith in start-up boom

Post by Jennifer Yang on Sun Sep 18, 2016 12:29 pm

sophiaguo wrote:On the one hand, Chinese government does promote innovation and encouraged entrepreneurship by introducing some policies such as cutting red tape, offering tax rebates to start-ups. The new measures provide more chances and reduce burden for people who want to start up a company and make it easier to register new companies.

But on the other hand, so far, Chinese government does not have a convincing criteria to pick winners in variety industries who should enjoy the reward policy. And just as the passage mentioned “what is happening in China is that businesses are being chosen based on local government connections. Who is making the decisions about where the investments get made? You cannot make rational capital allocation decisions when the government is involved with where the money comes from,”

And in that case, some people may focus on how to swindle government subsidies instead of focusing on how to operate a company. And since most of government subsidies are lie in a small group of industries so that also could lead to a serious homogenization of competition.

I agree with your point of view to a certain extent.
On one hand, Chinese government does play a significant role in this start-up wave. For example, Hangzhou is a very typical city of entrepreneurship. As we all know, the " Dream Town" in Hangzhou is very famous and popular, government provides a lot of preferential policies to entrepreneurs, such as tax preference, 3 years' free usage of office, supporting funds for entrepreneurship, and so on. All of these enormously motivates the passion of entrepreneurs and promotes the innovation and creativity.

On the other hand, as a developing country, the economic environment is not mature enough, system is unhealthy, so our creativity and innovation is weak and non-comprehensive, and restrains the entrepreneurship to a certain extent. For example, Shanghai is the economic centre of China, but its entrepreneurship atmosphere is not as good as Hangzhou, I think one of the key reasons is the high housing price, which leads to the high cost of entrepreneurship, as a result, Shanghai is very hard for entrepreneurs to survive.

In a word, Chinese should pay much more attention to the structure reform and start-up supporting.

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Re: 2016-China puts faith in start-up boom

Post by wen wen on Mon Sep 19, 2016 12:20 pm

Government is more like a supporter in capital market, not a director. China urgently needs a healthy market for start-up boom. To meet that needs, government shall maintain a fair competition market through launching a serious of regulations to protect creation and intellect property, and financing creative small and micro companies. We could see that Chinese government has taken actions like cutting red tape, offering tax-rebates and making it easier and quicker to register new companies. China intends to move out from heavy industry to service sector-led module. While at the same time, government did not realize influences of these actions. Pumping money and easier registration process fostered competitors from nowhere, which makes normal player harder to play in the game. Legal system also protects local company even that it copies idea of foreign company. China should treat companies more fair, not only for competition, but also for creation.

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Re: 2016-China puts faith in start-up boom

Post by yangqing on Mon Sep 19, 2016 5:49 pm

we will meet bottleneck with the development of traditional industry and business model. so China government encourage people to innovate. because innovation will brings more added value which will make our economy more health.

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Re: 2016-China puts faith in start-up boom

Post by Wang Zijiao on Tue Sep 20, 2016 2:17 am

There is no doubt that it is a good time for entrepreneurs in current China to start up their own business with so many favorable supporting policies from the government. The mini Silicon Valley in Beijing, unmanned aircraft manufacturers in Shenzhen and Alibaba in Hangzhou are all good illustrations of successful start-ups replying on constant technological innovation. We can see more and more young people are eager to explore their opportunities to start up their own business with creative ideas and individual or social capital, which lead to a intensified competition in the market, especially in new technology industries. The entrepreneurs are always the impetus to drive economic development and technology advancement.

Innovation plays a vital role in determining how successful a start-up could be. How to maintain the constant creativity with an organization structure which will not dim the creative spark will be an issue for all the start-ups. Meanwhile, China is still lagging behind in education, infrastructure and other aspects compared with developed countries. The pollution, living circumstances, insecurity for polical influence and ect will have an adverse impact on talent attraction as well as innovation.

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Re: 2016-China puts faith in start-up boom

Post by Mou Jingrui on Tue Sep 20, 2016 5:53 am

Now, the government wants the innovation of scientific and technological to promote economic development and attract funds from the real estate industry and the virtual economy to science and technology enterprises. So the Government set up a lot of FOFs to invest in venture capital funds. For example, government will invest 30% of fund to a venture capital fund. Those give start-ups which are invested by the venture capital fund with money from FOF, can get free office space and tax-free policy for 3 years and 10 million to 20 million non-reimbursable subsidies. Start-ups have a lot of difficulties, these policies, at least give young entrepreneurs the opportunity to achieve their dreams.

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Re: 2016-China puts faith in start-up boom

Post by Tracy Bu Qijun on Tue Sep 20, 2016 6:13 am

The support from China government do help lower the barriers to start up a new business. However, it is dangerous to let government decide what industry and who to invest. A typical example is photo-voltaic battery industry . The investment and support from government caused overcapacity of this industry and in the end many companies supported by government had to close down.

Regarding to capital investment, instead of directly pump money into certain business, government can facilitate to establish an independent 3rd party organization to do massive market research and to monitor and follow up on the cash flow of the investment from government. But even in this way, it is still difficult to say the money flow into the right industry.

It is always easier for government to support start up by money. However, it will be more beneficial to the society if government can use its power and resource to facilitate the creation of an innovative environment in China. Market regulations and standards need to be set up and completed. Intellectual Property need to be protected. Monitoring mechanism need to be set up against protectionism and cronyism. And then let the market make its choices in a relatively fair environment.

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Re: 2016-China puts faith in start-up boom

Post by SuKang0821 on Tue Sep 20, 2016 7:53 pm

After reading this article, I feel the same with Mr. Rieschel that only throwing money into the market cannot motivate more successful entrepreneurial startups. To achieve the goal about moving towards service sectors from heavy industries, firstly, the mindset that everything could be earned from relationship should be changed thoroughly; secondly, besides money, other supports are needed from government such as sufficient training and coaching, etc; thirdly, respect intelligence property and promote creativity. Creativity is the most essential competitive advantage in all industries and companies for survival and winning the market. When government promotes entrepreneurship, government should promote creativity simultaneously.

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Re: 2016-China puts faith in start-up boom

Post by SuKang0821 on Tue Sep 20, 2016 8:10 pm

yangqing wrote:we will meet bottleneck with the development of traditional industry and business model. so China government encourage people to innovate. because innovation will brings more added value which will make our economy more health.

Yes, government hopes to encourage people to innovate, but government cannot use only cash to encourage. The result of quick money is that more and more competitors show up from nowhere, that money goes to the business with complex government relationships, and that start-ups copy intelligence properties to disturb the market. Government should stand up to take more actions besides pumping money into market, such as set law to protect intelligence property, provide more training and coaching for entrepreneurs, promote creativity, etc.

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Re: 2016-China puts faith in start-up boom

Post by Betty Yang (Cuiping) on Wed Sep 21, 2016 11:02 am

First of all, we need to affirm that the Chinese government’s supporting and encourages of “mass entrepreneurship and innovation” with $320 billion is a good starting point. It shows the government’s willingness and urge to transfer the growth mode, by promoting the growth of start-ups in the technology sector. However, whether such a start-up promotion with just money will work toward the desired directions of the government or not, toward which we are not sure. In my opinion, the government could better promote a more entrepreneurial society by doing the following.
There are already around 3000 start-up incubators in China, and they currently provide the management training and office space for the fledging companies. That is good but not enough. What the start-ups or the to-be- start-ups need most may be the megatrend of the global technology trend, the current competitive stages all over the globe, as well as the current development status in China, so that the entrepreneurs can have a better picture of the technology development status and the competitiveness outside and inside China and therefore they will have a better idea to decide which area to play in combined with their interests and advantages. Such an information sharing and start-up guidance is as important as funding.
As for the funding, it is suggested to establish a specialized funding center with experts or consultants across all the technology industries. They are in charge of the review and assess of all the start-ups applying for money-support. Thus it can solve the issue that the supporting business is chosen based on the connections on local government, while local government may not be so good at choosing the winners in venture capital, as the paper said.

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Re: 2016-China puts faith in start-up boom

Post by Zhenzhen on Wed Sep 21, 2016 1:48 pm

I share a similar opinion with you.

Stimulate start-up in a simple and crude way such as funding could not be sustainable. It's difficult to tell if the money goes to the right enterprise.
Monetary incentives can stimulate start-up company boom in a very short time. For most companies, making must is the ultimate objective. If can get money directly from the incentive, who will run the company step by step. The incentive will foster a unhealthy competition environment in a long term. And once the incentive is over, there will be hundreds of companies close down, which will lead to an unemployment problem. The government subsidy for electric vehicle is a lesson.

On the other hand, government money can help to build an environment and solid foundation for entrepreneurs, such as invest on education to cultivate talents, establish legal regulations to protect intellectual property. These could help to run a sustainable way to boom start-ups.



Lin Lixian (Lynn) wrote:I think the government may already cross the line in this case: such funding might spoil innovation rather than stimulate innovation.

Government could help to create an environment favorable to innovation as long as it encourages fair competition. It shall never cross the line and engage itself on the micro-level of economic activities. Direct funding into the few chosen lucky ones deprive them the necessary skills to survive on their own. It could be worse that the company comes without serious commitment to either the industry or to innovation.

A supporting example comes from the green energy industry. China has been encouraging the wind power industry with tax breaks and direct subsidiaries. It leads to the quick emergence of quite a majority of manufacturers, even to the extent of industry over-capacity. Sinovel, one typical wind turbine manufacturer, taking full advantage of the policies, quickly rose to be world's second largest manufacturer in terms of annual installation in 2010. However, it either lacked the intension or the skill to survive in the coming industry chill and quickly fell out of sight. On the other hand those who move on a more steady pace continues to grow with new innovative product and business model.


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also need equal position

Post by sunkuang on Wed Sep 21, 2016 4:44 pm

I totally agree with your opinion. I think that it is hard to promote the start-up company just by investing money. Because the success of a company is not just about money but about the technology, manager skills and the industry trend. And I also want to say that giving the equal competition position for state-owned company and private company would be a good method to promote the start-up company. For instance, when the start-up company want money, it is possible to get from bank would be
criticle.
Zhenzhen wrote:I share a similar opinion with you.

Stimulate start-up in a simple and crude way such as funding could not be sustainable. It's difficult to tell if the money goes to the right enterprise.
Monetary incentives can stimulate start-up company boom in a very short time. For most companies, making must is the ultimate objective. If can get money directly from the incentive, who will run the company step by step. The incentive will foster a unhealthy competition environment in a long term. And once the incentive is over, there will be hundreds of companies close down, which will lead to an unemployment problem. The government subsidy for electric vehicle is a lesson.

On the other hand, government money can help to build an environment and solid foundation for entrepreneurs, such as invest on education to cultivate talents, establish legal regulations to protect intellectual property. These could help to run a sustainable way to boom start-ups.



Lin Lixian (Lynn) wrote:I think the government may already cross the line in this case: such funding might spoil innovation rather than stimulate innovation.

Government could help to create an environment favorable to innovation as long as it encourages fair competition. It shall never cross the line and engage itself on the micro-level of economic activities. Direct funding into the few chosen lucky ones deprive them the necessary skills to survive on their own. It could be worse that the company comes without serious commitment to either the industry or to innovation.

A supporting example comes from the green energy industry. China has been encouraging the wind power industry with tax breaks and direct subsidiaries. It leads to the quick emergence of quite a majority of manufacturers, even to the extent of industry over-capacity. Sinovel, one typical wind turbine manufacturer, taking full advantage of the policies, quickly rose to be world's second largest manufacturer in terms of annual installation in 2010. However, it either lacked the intension or the skill to survive in the coming industry chill and quickly fell out of sight. On the other hand those who move on a more steady pace continues to grow with new innovative product and business model.


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Re: 2016-China puts faith in start-up boom

Post by davidpan on Thu Sep 22, 2016 11:17 am

The government strategy to reboot the slowing-down China economy is on the right track, that's to transfer the current industry to the creativity and innovation oriented industry. But by simply injecting a huge amount of money into start-ups is insufficient. There is no short-cut to jump to the innovative entrepreneurship. The free market and less policy intervening environment is also critical.

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