List up, young firms.
That’s what Chinese Premier Li Kequiang wants startups to do. List in the domestic market.
Li wants to develop the country’s venture capital industry, and has asked local governments to grant tax breaks to startups, incubators, as well as angel investors, according to Reuters.
Relaxing domestic listing rules to give new companies better access to funds is also being planned, the report said.
The government has been promoting the development of young Chinese companies, particularly those in emerging industries such as technology, to re-energize the economy that is facing its slowest growth in more than two decades this year. It is hoped that these startups will become the new engines of growth in the coming years.
Last January, a 40 billion yuan ($6.5 billion) venture capital fund was announced to support startups.
Photo credit: Jessie Wang via Flickr