China Encourages the Liberalization of Its Economy Trending


For a long period of time, China has been seen as a communist state, which only encourages state-run businesses, and business deals. However, according to recent reports, it seems like the Asian giant will encourage crowdfunding to help fund small businesses.

Based on this, recent analysis shows that small businesses which aren’t currently getting enough funding will soon boost the Chinese economy. Because of this, Premier Li Keqiang stated that “New ideas like crowdsourcing and crowdfunding will be promoted to bring more social forces into play”.

The meeting he attended covered various plans meant for scientific research, but also education reforms meant to take place in the following five years. Together with this, it’s also worth pointing out that the meeting called for more support for entrepreneurship, green development, a liberalization of the economy, alongside with a boost in innovation.

It’s quite interesting to see China calling for such reforms, considering the fact that until now, the government was thought to control most areas of the economy. Li pledged that China will now foster ‘young pioneers’, who will then proceed to lead major technology and science projects. Together with this, the country will also welcome foreign ideas into their economy, meant to help out with this economic liberalization campaign.

China’s prime minister also proceeded to ask education authorities to come up with plans, meant to help China overcome the education gap between urban and rural areas. It also seems like China is planning to invest more into their universities, in order to make them capable of competing with some of the foreign institutions. - Times News Daily

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