返乡创业 (fǎnxiāng chuàngyè): Returning home entrepreneurship

The National Development and Reform Commission and China Development Bank have jointly issued a document on further enhancing their cooperation to promote returning home entrepreneurship.

According to the document, local authorities should establish a loan system to support people starting businesses in their hometowns.

The government should accelerate the formation of the financing platform, credit construction and the financing model so as to actively carry out support for the business projects in rural areas. And the loan system should strictly abide by relevant procedures in the application process, selecting projects, submitting projects, reviewing projects and issuing loans.

The document also requires local authorities to establish and improve the cooperation mechanisms between the governments and the banks.

Local authorities should also improve the project selection mechanism, increase the efficiency of loan issuing, take responsibility for the issuing process as well as post-loan supervision and strengthen risk prevention and control, in order to guarantee the successful implementation of this work for poverty alleviation and countryside rejuvenation.