Business / Economy

China in golden age of innovation and entrepreneurship: Official

(Xinhua) Updated: 2016-08-25 17:12

BEIJING - China's innovation and entrepreneurship strategy has resulted in the establishment of more companies, job creation and a push toward industrial restructuring, a senior official said Thursday.

During the first half of this year, 2.62 million companies were established, up 28.6 percent year on year, Lin Nianxiu, deputy director of the National Development and Reform Commission, said at a news conference.

"China is in a golden era of mass innovation and entrepreneurship," Lin said.

The increase in the number of startups translated into more jobs. Data showed that startups provided 1.46 million jobs during the first six months, with 230,000 jobs created in June alone.

Grappling with a slowing economy, China has been counting on mass innovation and entrepreneurship to maintain its enviable growth and handle an economic overhaul at the same time.

Stimulated by the strategy, the country's emerging industries boomed, with revenues rising 11.6 percent year on year during the January-June period. Their profits jumped 18.9 percent year on year, compared with 15.4-percent growth registered one year earlier.

The number of patent applications rose to 1.45 million during the same period, a surge of 37.8 percent year on year.

Promoting innovation and entrepreneurship has brought vitality to society and given new impetus to the economy, Lin added.

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