South China's Guangdong Province launched its annual innovation and entrepreneurship competition "Community Entrepreneurs Cup" in June, according to Guangdong Government Information Office. Awards of over 13 million yuan will be offered to the winners, to attract innovative participants from a wide range of areas including university students, overseas high-tech talents, skilled technicians, rural e-commerce traders and startups and others.
This year, a sub-competition was set for disabled people and charitable associations, encouraging self-independence and social care for this group.
Earlier this year, China initiated the development plan for the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), with an aim to build a world innovation center with collaborative efforts of the three regions. Three new innovation and entrepreneurship bases for young entrepreneurs from the Greater Bay Area are under construction in the pilot free trade zone Nansha in Guangzhou, Hengqin in Zhuhai, and Qianhai in Shenzhen.
The Community Entrepreneur Cup set up separate preliminary regional contests in Hong Kong and Macau, in an attempt to attract young people from these two special administrative regions (SARs) and to promote talent exchange between these regions. Universities, social communities, financial institutions from the three regions of the Greater Bay Area will be integrated to provide better services and environment for young entrepreneurs.
Since 2014, China has pushed mass entrepreneurship and innovation to boost employment and industrial growth by a host of policy incentives and reforms. Statistics showed that in 2018, the number of average daily new business registered in China reach a high of 18,400. The Community Entrepreneurs Cup first kicked off in Guangdong in 2016, and has involved more than 400,000 participants and 52,000 projects from China and overseas. A large number of outstanding entrepreneurial individuals and teams emerged from the competition and achieved impressive progress over these years.