Tech start-ups all the buzz, but many young Chinese prefer stable government jobs
Government guideline seeks to encourage entrepreneurship, but many young people say starting a business is too risky in a sluggish economy
As governments across China roll out new measures to boost employment and entrepreneurship on the back of an AI-driven tech boom, many young people, worried that weak demand and a sluggish economy make starting a business too risky, remain drawn to stable government jobs.
Seven central government ministries, including the Ministry of Human Resources and Social Security and the Ministry of Education, issued a joint guideline late last month urging local governments to promote employment through entrepreneurship.
The initiative targets groups with high unemployment rates, including recent university graduates, migrant workers and retired military personnel.
The guideline calls for the rapid development of specialised training programmes in emerging sectors such as the digital economy, artificial intelligence, the green economy, and the “silver-hair” economy that caters to the growing ranks of the elderly. It also emphasises enhancing entrepreneurial skills through innovative “skills + entrepreneurship” training models.
It highlights the importance of government guidance and market orientation, encouraging the flow of venture capital and other resources into business incubation platforms to foster high-quality small and medium-sized enterprises and create jobs. Financial support will be made available to university students and recent graduates who translate innovations into viable businesses.
President Xi Jinping emphasised the importance of the tech sector at a high-profile meeting with leading Chinese entrepreneurs in Beijing last month.
DeepSeek, China’s hottest tech start-up, is offering dozens of jobs related to research and development in artificial general intelligence at its home base in Hangzhou, Zhejiang province, and in Beijing, according to earlier reports.
Several local governments have reaffirmed their commitment to supporting tech talent and student entrepreneurship.
Last month, the Guangzhou Development Zone in Guangdong’s provincial capital introduced a risk tolerance mechanism for its 5 billion yuan (US$688.8 million) science and technology innovation and entrepreneurship investment fund. The fund prioritises strategic emerging industries such as biopharmaceuticals, new energy and new materials, as well as future industries like the low-altitude economy, aerospace and quantum technology, and allows losses of up to 100 per cent on seed and angel investments to be covered by risk reserves and investment incentive funds over a period of two years.