Research On The Development Of Chinese Youth Entrepreneurship

Since 2012, China has witnessed a slowdown in its GDP growth, with the growth rate decreasing from around 10% in the past more than 30 years to about 7% recently. As China’s economy has switched to a mid-high speed channel, the calls for economic structure adjustment and industrial upgrading have been increasingly rising. Under this ’New Normal’, a more powerful engine for development is what we expect. On March 5, as Premier Li Keqiang pointed out in his report on government work in 2015, to encourage public entrepreneurship and innovation so as to promote China’s economic development at an appropriate speed, is one of the "engines" to build a greater quality, higher efficiency and upgraded economy of China. Entrepreneurship is of great significance for China’s economy and society so that the government continues to pursue an innovation-driven development. A series of policies have been introduced to encourage entrepreneurship and program supports have also been provided. Youth, as the main body of entrepreneurship, with a low ratio of participation and success, have not yet achieved the expectation. As a result, "Youth Entrepreneurship" has become a focused research topic to the development of China’s economy and society. Based on relevant empirical analysis about the youth entrepreneurship in Huizhou city, Guangdong province, this paper makes a discussion on effective strategies to guide the entrepreneurial practice.This paper refers to relevant major researches done by China and other countries, while successful experiences from advanced countries worldwide are discussed and analyzed. In retrospect of the development of China’s youth entrepreneurship, the paper points out its current situation and major influences. On the basis of overall investigation, this paper makes a systematic discussion on the background and current situation of the youth entrepreneurship in Huizhou, and provides an objective analysis on the main problems and difficulties that restrict its development, such as the lack of innovative thinking and entrepreneurial awareness, insufficiency of government’s policy support, and unsatisfactory environment of market, finance and society.By referring to the successful experience concluded by other countries, this paper focuses on the internal and external motivations of youth entrepreneurship of China. Besides, six targeted measures are presented, including transforming government functions, enhancing policy supports, implanting innovation education, establishing a fair market, optimizing financial environment, and creating a civilized public opinion atmosphere. These may have effective influence on promoting youth entrepreneurship, which in turn assist the development of the country’s economy.