Report Points to Steady Development of Youth Entrepreneurship Nationwide

September 30, 2018
Editor: Xie Wen

The recently released China Youth Entrepreneurship Development Assessment Report 2017 indicates that start-ups run by young people are widely distributed in various industries and the number of women and men involved is roughly equal.

Among the youth entrepreneurship projects, those from tertiary industries account for over half, of which the IT services industry accounts for about 13 percent. Moreover, college students are an important force in youth entrepreneurship, accounting for over 50 percent.

The report was produced by China Foundation for Youth Entrepreneurship and Employment and the Chinese Academy of Labor and Social Security. It shows that the threshold for China's youth entrepreneurship has been greatly lowered and the entrepreneurial environment is more optimized than in recent years.

Under the macro-control of policies, young people with different industry and educational backgrounds, and capacities, can work together on entrepreneurship. The country's innovation and entrepreneurship policy promotes entrepreneurship for all and has achieved remarkable results, indicates the report.

With the rise of entrepreneurship, the number of women participating has risen sharply. According to the data, the proportion of female entrepreneurs has reached 40 percent, which has subverted the stereotype that women are more inclined to work stably.

Although women's entrepreneurial performance and capability is slightly below men's, they show strong enthusiasm.

The report also positively shows that young entrepreneurs have a high level of happiness, which is attributed to spiritual pleasure and achievement recognition, and that happiness in the entrepreneurial process surpasses the actual performance growth of the company.

Besides, the growth of their sense of accomplishment and self-confidence is higher than the realization of life value and the improvement of social status.

Young people perform well in market research and understanding of entrepreneurial policies, but they are weak in terms of entrepreneurial knowledge learning and business plan design.

Seeing the data, young entrepreneurs with two or more entrepreneurial experiences account for nearly half of the total, and they have a strong willingness to restart businesses. Their evaluation of the policy environment is higher than the market and cultural environment, which encourages them to be optimistic about the future, despite previous entrepreneurial failures.

In addition, the performance of partnership entrepreneurship is significantly better than individual entrepreneurship. Thus, young entrepreneurs prefer a partnership approach with like-minded partners, which is more likely to achieve complementary resources and higher entrepreneurial performance.

However, these entrepreneurs are constrained by resources such as capital and talent shortages at the macro level; and, their evaluation of the financing support and human resources is particularly low, compared to other aspects.

The implementation of the entrepreneurial policies needs to be strengthened, as well as the service efficiency and policy-making.

For undergraduates, they are relatively less sensitive to policy resources and weak in integration in terms of opportunity identification, operations management and learning capabilities. Young entrepreneurs are under-prepared for entrepreneurial knowledge learning and business planning, indicating that they lack understanding of the importance of knowledge capabilities and project plans.

As for the issues mentioned in the report, experts put forward some suggestions. Departments concerned should apply measures to enhance the awareness and availability of policies, build a unified and open policy release platform to improve the efficiency and provide more convenient services for policy acquisition and implementation.

At the same time, the government must strengthen entrepreneurship training and guidance to help improve young people's entrepreneurial ability; and provide more opportunities through competitions, training, visits and exchanges to help them engage in entrepreneurial practice. Outstanding and successful entrepreneurs are also encouraged to offer assistance and guidance to young people who are still in the early stages of starting a business.

Regarding entrepreneurial subsidy, the government should make effort in building a multi-entrepreneurial capital investment mechanism, to enrich the financing channels for young entrepreneurs; relaxing the restrictions for entrepreneurial guarantee loans, innovating anti-guarantee measures, and enhancing the availability of financing loans for young entrepreneurs.

 (Source: Translated and edited by Women of China)

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