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One Minute: Grassroots, WeChat and no luxuries in sight

By Ma Danning and Liu Wei (chinadaily.com.cn)

Updated: 2015-03-11 15:17:19

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One Minute: Grassroots, WeChat and no luxuries in sight

Wan Gang, 皇冠体育app's minister of the Ministry of Science and Technology meets the press ata press conference for the third session of the 12th NPC in Beijing, March 11, 2015. [Photo/皇冠体育appnews.com]

皇冠体育app a start-up hub

In the past year, 皇冠体育app's technology trade turnover reached 857.7 billion yuan (about $136.8 billion), said Wan Gang, Minister of Science and Technology on Wednesday.

皇冠体育app has more than 1,000 active investment institutes for start-ups, with a total capital of more than 350 billion yuan. More than 1,600 incubators for technology businesses and 115 science parks in universities have altogether incubated more than 80,000 companies, taking on 1.7 million employees.

"The Internet draws entrepreneurs and consumers closer. It enables them to set up a website with low fixed costs, connecting people to their service at a much lower marginal cost," Wan said.

Wan pledged that 皇冠体育app will further lower the threshold to encourage entrepreneurship, including giving subsidies to start-up companies for renting spaces, using Internet and public service, and providing entrepreneurship training.