Young entrepreneurs in Shandong province have called for greater institutional support from the local government, in order to fuel their development and promote the transformation of the region's economy.
The International Summit on Innovation and Development of Youth Entrepreneurs concluded its three-day discussion on Wednesday in Jinan, capital of Shandong, exploring the development potential of the local market's young entrepreneurs.
Co-hosted by the Shandong Provincial Committee of the Communist Youth League of China and the China Foundation for Youth Entrepreneurship and Development, the summit invited 1,000 young entrepreneurs from home and abroad to exchange ideas and discover the province's development potential.
Ma Jiantang, Party secretary of the Development Research Center of the State Council, said young entrepreneurs' innovation and career development should be given full support.
"We must pay more attention to young entrepreneurs and strive to establish platforms for their innovation achievements and career development, and help them to make progress in the new era," he said.
Gong Zheng, governor of Shandong, said the government has been cultivating a business-friendly environment by reducing approval processes and providing all-round services, especially for young entrepreneurs that want to participate in the local market.
A new business school is opening in Jinan to offer education and training in entrepreneurship. The pro-gram will integrate training resources from world famous schools, help young businesspeople accurately grasp the domestic and international economic situation, and enhance their innovation and development through centralized teaching and research.
Zhou Bohu, founder of Shandong CTRL Group, said the province's government should transfer its focus from traditional industries to emerging ones, such as big data and artificial intelligence.
"We should give emerging industries a chance and take the risk of investing without fearing potential losses," Zhou said. He added that conservative thinking could limit the development of Shandong's economy.
Ding Guoliang, an entrepreneur from a biotechnology innovation company based in Anhui province, said financial support is what entrepreneurs need most from the government.
He said startups, especially those in the biotech industry where profits are not achieved within a short time frame, need large investments in their initial stages.