Economy

China to help graduates start businesses

(Xinhua)
Updated: 2010-05-15 16:16

BEIJING - The Chinese government has issued new policies to help college graduates start their own businesses, as the country is expecting 6.3 million new job seekers who will graduate from colleges this year.

If a young person registers to be self-employed within two years after graduation, he needs not to pay registration fees and other administrative fees to the government in the first three years after registration, according to a document issued by the Ministry of Education on its website.

If the young graduate founds his first company, the registered capital of the company can be in place in installments.

They can apply for microcredits and enjoy interest discount, the document says.

The provincial education departments will work with other government departments to set up some programs which provide initiative investment to their business, it says.

The government also encourages non-governmental organizations to set up such programs. Domestic and foreign investors are welcomed to invest in businesses set up by young graduates, the document adds.

This summer China will see 6.3 million new college graduates, leaving great pressure on its employment market.

To diversify their employment options, the country has encouraged some young people to start their own businesses.

Colleges and education departments are required to provide training for those willing to be self-employed, especially about risk control.