[hunan.gov.cn] Several Policy Measures of Hunan Province for Supporting College Student Entrepreneurship

2024-12-01

To thoroughly implement the spirit of the 20th CPC National Congress and the second and third plenary sessions of the 20th CPC Central Committee, earnestly carry out the 7th plenary session of the 12th CPC Hunan Provincial Committee’s decision on supporting college student entrepreneurship, namely the "Seven Ones" (introducing a series of supporting policies in seven areas including policy, fund, incubation, mentorship, courses, models, and publicity), provide comprehensive support for college students' innovation and entrepreneurship in Hunan, promote the retention and attraction of college students for entrepreneurship in Hunan, strive to make Hunan a fertile ground for college student entrepreneurship and a province friendly to young people, and provide solid talent support and lasting momentum for achieving the beautiful blueprint of "Three Highlands, Four New Missions," the following policy measures are formulated.

I. Implementing policies to support college student entrepreneurship

(I) Implementing college student entrepreneurship subsidy policy. For enterprises newly established by college students or individual businesses newly registered by college students, and that have been operating normally for more than one year, our province will provide a one-time entrepreneurship subsidy in accordance with the relevant regulations of the Department of Human Resources and Social Security of Hunan Province. The minimum subsidy standard is RMB10,000 (if a municipality or autonomous prefecture has already set a higher one-time entrepreneurship subsidy standard, the higher amount will be applied). For new small and micro enterprises, individual businesses, farmer cooperatives, non-enterprise entities, and other entrepreneurial organizations established by college students, they can apply for social insurance subsidies after employing workers for 6 months, based on the number of local workers hired. College students who are self-employed in our province can also apply for entrepreneurship venue rent subsidies according to the regulations. Our province will implement a special subsidy to encourage entrepreneurship, providing a certain amount of startup capital to entrepreneurial teams that win awards in national and provincial entrepreneurship competitions. In conjunction with the implementation of the "Furong Talents Action Plan," our province will select a batch of college student innovation and entrepreneurship projects each year and provide financial support for them. (The Department of Human Resources and Social Security of Hunan Province, the Hunan Provincial Department of Finance, the Department of Housing and Urban-Rural Development of Hunan Province, the Department of Science and Technology of Hunan Province, the Organization Department of the CPC Hunan Provincial Committee, and other relevant departments are responsible according to their respective duties. The first-listed unit is the leading unit, and the same applies hereafter.)

(II) Implementing policies to provide financial support for college student entrepreneurship. Our province will encourage financial institutions to develop and promote exclusive financial products that support college student entrepreneurship, innovate risk assessment methods, optimize loan application materials and approval processes, and improve loan approval efficiency. Graduates of higher education institutions who start their own businesses can apply for an entrepreneurial guaranteed loan of up to RMB300,000; for joint ventures, the loan amount can be appropriately increased based on the number of partners, with a maximum of RMB4 million. The interest on the entrepreneurial guaranteed loan will be subsidized by the finance department at 50% of the actual loan interest rate. The loan risk will be shared between government financing guarantee institutions or guarantee funds and banks in an 8:2 ratio. Our province will optimize the due diligence and exemption system for entrepreneurial guarantee loans, improve the risk compensation mechanism for student entrepreneurship loans, and support including eligible small and micro enterprises established by college students into the risk compensation scope of the knowledge value credit loans for technology-based enterprises, commercial value credit loans for small and medium-sized enterprises, and the "Hunan Province Government-Bank Cooperation Loan Product" for park enterprises. (The Hunan Provincial Department of Finance, the Financial Committee Office of the CPC Hunan Provincial Committee, the Department of Human Resources and Social Security of Hunan Province, the Department of Science and Technology of Hunan Province, the Industry and Information Technology Department of Hunan Province, the People's Bank of China Hunan Branch, and the Hunan Office of the National Financial Regulatory Administration are responsible according to their respective duties.)

(III) Implementing preferential tax policies to support college student entrepreneurship. For college graduates holding the "Employment and Entrepreneurship Certificate" within the graduation year who engage in individual business operations, starting from the month they register as individual business owners, our province will reduce their actual payable VAT, urban maintenance and construction tax, education fee surcharge, local education surcharge, and individual income tax by a maximum of RMB24,000 per entity per year for 3 years. For the investments made by venture capital enterprises and angel investors in unlisted small and medium-sized high-tech enterprises, as well as in seed-stage and startup-stage technology-based enterprises, our province will allow the investment amount to be deducted from the taxable income in accordance with the relevant provisions of the State Council's documents. Our province will implement preferential tax policies for technology business incubators. In accordance with the relevant regulations of the Ministry of Finance and other national departments, national-level and provincial-level technology business incubators, university science parks, and other properties and land used for their own purposes or provided to enterprises being incubated through lease or other means will be exempt from property tax and urban land use tax. Additionally, the income obtained from providing incubation services to businesses will be exempt from VAT. (The Hunan Provincial Tax Service, the Hunan Provincial Department of Finance, the Department of Human Resources and Social Security of Hunan Province, the Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, and the Industry and Information Technology Department of Hunan Province are responsible according to their respective duties.)

II. Establishing a venture capital fund for college students

(IV) Establishing and operating the Hunan Province College Student Venture Capital Fund. The initial fund size is RMB500 million, with a duration of 10 years. The fund focuses on early-stage, small-scale, long-term, and hard technology investments, providing startup capital for early-stage projects led by college students in Hunan. It aims to attract and support innovation and entrepreneurship in the province. The fund can invest up to RMB500,000 in total for projects led by entrepreneurial teams, and up to RMB1 million for single investments in companies. For high-growth companies, additional investments may be made during the fund's investment period. (The Hunan Provincial Department of Finance, the Department of Human Resources and Social Security of Hunan Province, the Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, the Hunan Provincial Committee of the Communist Youth League of China, and Chasing Financial are responsible according to their respective duties.)

(V) Establishing a management and service mechanism for the college student venture capital fund. Our province will strengthen the development and reserve of college student entrepreneurship projects, establish a linkage mechanism between the college student entrepreneurship project database and the Hunan Province College Student Venture Capital Fund, and regularly promote high-quality entrepreneurship projects. Our province will establish a working mechanism and channel for joint incubation and follow-up investment in college student entrepreneurship projects by social capital. The province will also establish fund management mechanisms, including the highest 100% transfer of provincial financial contributions, liability exemption for fund managers, and loss write-offs for investment projects. (The Hunan Provincial Department of Finance, the Department of Human Resources and Social Security of Hunan Province, the Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, the Hunan Provincial Committee of the Communist Youth League of China, and Chasing Financial are responsible according to their respective duties.)

III. Building entrepreneurial incubation platforms with distinctive features and strong functions

(VI) Promoting the standardized construction of college student entrepreneurship incubation bases. Based on Hunan's "4×4" modern industrial system, our province will develop construction standards for college student entrepreneurship incubation platforms. Our province will encourage universities, research institutions, parks, and enterprises to participate in building a batch of college student entrepreneurship incubation bases with good infrastructure, high service quality, sufficient technological content, and large growth potential. The focus will be on supporting the construction of around 20 provincial-level college student entrepreneurship incubation bases with demonstration and driving effects. (The Department of Human Resources and Social Security of Hunan Province, the Department of Science and Technology of Hunan Province, the Development and Reform Commission of Hunan Province, the Department of Education of Hunan Province, and the Hunan Provincial Department of Finance are responsible according to their respective duties.)

(VII) Enhancing the driving force of the service of college student entrepreneurship incubation bases. Our province will promote deep cooperation between college student entrepreneurship incubation bases and the Hunan Province College Student Venture Capital Fund. We will strengthen communication and cooperation between various entrepreneurial platforms, improve information sharing mechanisms, and enhance comprehensive service functions. Our province will encourage the laboratories, as well as scientific research instruments and facilities of universities and research institutions to be opened to college students for free or at a low cost, providing access to technological innovation resources. Incubators and other innovation and entrepreneurship platforms invested in and built by governments at all levels shall allocate no less than 30% of their space to be provided to college students free of charge. Our province will encourage investment institutions to work with universities, research institutions, key laboratories, and others to jointly explore and establish new models and platforms that support college student innovation and entrepreneurship. Our province will implement entrepreneurship service subsidies for college student entrepreneurship incubation bases in accordance with the relevant regulations of the Department of Human Resources and Social Security of Hunan Province. The total subsidy amount can reach up to RMB400,000 per year. (The Department of Human Resources and Social Security of Hunan Province, the Department of Science and Technology of Hunan Province, the Development and Reform Commission of Hunan Province, the Department of Education of Hunan Province, and the Hunan Provincial Department of Finance are responsible according to their respective duties.)

IV. Establishing a mentor team to guide college student entrepreneurship

(VIII) Selecting a group of high-level college student entrepreneurship mentors. Our province will select around 500 representatives with a strong sense of responsibility, ample practical experience, and a good social image from relevant fields to form a provincial-level college student entrepreneurship mentor team. Among them, around 30 well-known entrepreneurs will be selected as core members. The entrepreneurship mentor team is responsible for strengthening the selection and screening of college student entrepreneurship projects, providing guidance, information consulting, resource matching, and other services to college students, and promoting the growth and implementation of outstanding entrepreneurial projects. (The Department of Science and Technology of Hunan Province, the Department of Education of Hunan Province, the Department of Human Resources and Social Security of Hunan Province, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

(IX) Improving the mentorship for guiding college student entrepreneurship. Our province will integrate resources from outstanding entrepreneurship mentors and training service platforms to create a batch of "college student entrepreneurship guidance studios" that provide targeted guidance and training services for college student entrepreneurship projects. Our province will organize entrepreneurship mentors to enter campuses and conduct activities such as policy interpretation, experience sharing, and practical guidance, with each university holding at least one such event annually. Our province will also implement the "College Student Entrepreneurship Mentor Training Program" and select a group of "Excellent Entrepreneurship Mentors." (The Department of Science and Technology of Hunan Province, the Department of Education of Hunan Province, the Department of Human Resources and Social Security of Hunan Province, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

V. Improving the college innovation and entrepreneurship education system

(X) Optimizing the college student entrepreneurship education curriculum system. Our province will closely follow the cutting-edge trends in technology and industrial development, deepen the integration of multiple disciplines and major-entrepreneurship integration, and encourage collaboration between universities, enterprises, and research institutions to create a batch of high-quality courses. We will also encourage universities to offer entrepreneurship courses that cross disciplines, majors, and departments. Our province will implement the "Malanhua" entrepreneurship training program, enrich and improve the training curriculum system, and build a provincial-level digital resource platform for innovation and entrepreneurship education. (The Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, the Hunan Provincial Department of Finance, the Department of Human Resources and Social Security of Hunan Province, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

(XI) Deepening the reform of the talent cultivation model for innovation and entrepreneurship in universities. Our province will promote in-depth cooperation between universities and the Xiangjiang Institute of Technological Innovation, explore the gradual establishment of project-based courses and teaching models, and further improve the quality and effectiveness of talent cultivation. Our province will summarize and promote the experience of pilot reforms in university entrepreneurship education, encourage universities to establish National Graduate Colleges for Elite Engineers based on their actual conditions, and carry out diversified teaching programs such as entrepreneurship elite classes, experimental classes, and micro-entrepreneurship education. Our province encourages universities to allow student entrepreneurs or the main leaders of entrepreneurial teams to submit entrepreneurial achievements related to their major as their graduation thesis (design) to apply for a graduation certificate or degree. Our province will also permit students to take a leave of absence for entrepreneurship, and universities may set a maximum study duration for students taking leave for entrepreneurship, while optimizing the leave approval process. (The Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, and the Department of Human Resources and Social Security of Hunan Province are responsible according to their respective duties.)

(XII) Strengthening the development of the faculty team for innovation and entrepreneurship in universities. Our province will further improve systems for teacher title evaluation and appointment, leave for entrepreneurship, research projects, awards, and rewards. Our province will strengthen teacher training, practical training, and exchanges, selecting a group of outstanding entrepreneurship teaching experts and excellent entrepreneurship teaching teams each year. Teaching experts will be given priority consideration for the "Furong Program Teaching Expert" project under equal conditions. Our province will explore incorporating the development of innovation and entrepreneurship courses by teachers, guiding students to participate in innovation and entrepreneurship competitions and win awards, as well as the transformation and implementation of entrepreneurial achievements, into the evaluation index system for teaching achievement awards. (The Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, the Hunan Provincial Department of Finance, the Department of Human Resources and Social Security of Hunan Province, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

VI. Selecting and establishing role models of college student innovation and entrepreneurship

(XIII) Stepping up efforts to discover and cultivate college student entrepreneurship role models. Every two years, our province will select and establish a group of outstanding college student entrepreneurship role models, and establish a tracking and nurturing mechanism, forming a service model that integrates "selection, rewards, tracking, and support." Our province will carry out the "Pioneers of Employment and Entrepreneurship Entering Campuses" activity, organizing outstanding student entrepreneurs to engage in exchange and interaction on campuses and share the inspiring stories of students' innovation and entrepreneurship in Hunan in the new era. Our province will strengthen the cultivation and promotion of advanced "teacher-student co-creation" role models in universities. Our province will encourage local areas to carry out activities for selecting and establishing outstanding college student entrepreneurship role models based on their specific circumstances. (The Hunan Provincial Committee of the Communist Youth League of China, the Publicity Department of the CPC Hunan Provincial Committee, the Department of Education of Hunan Province, the Department of Science and Technology of Hunan Province, and the Department of Human Resources and Social Security of Hunan Province are responsible according to their respective duties.)

(XIV) Improving the mechanism for student innovation and entrepreneurship competitions. Our province will establish a public welfare fund with an initial scale of RMB200 million, specifically to support student entrepreneurship competition activities. We will encourage universities to rely on various internal funds to support outstanding student ideas, projects, or teams. Our province will actively host major competitions such as the China International College Students’ Innovation Competition, the "Challenge Cup" National College Student Business Plan Competition, and the National College Student Career Planning Competition. The aim is to establish Hunan as a permanent venue for high-level entrepreneurship events. Our province will integrate existing entrepreneurship competition activities within the province, concentrating resources to create a more effective and influential entrepreneurship competition brand in Hunan. (The Department of Education of Hunan Province, the State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government, the Development and Reform Commission of Hunan Province, the Department of Science and Technology of Hunan Province, the Department of Human Resources and Social Security of Hunan Province, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

VII. Launching a television program for college student entrepreneurship competitions

(XV) Creating a high-end program brand for college student entrepreneurship. Our province will collaborate with relevant national ministries and commissions to produce a special program on contemporary college students' entrepreneurship, which will be broadcast during prime time on Hunan TV and Mango TV. The program will revolve around the competition for the Hunan Province College Student Venture Capital Fund. It will target current students and recent graduates from universities worldwide, selecting 100 outstanding teams from innovation and entrepreneurship representatives to come to Hunan. The program will comprehensively record and showcase the innovation and entrepreneurship spirit of college students. The program will invite renowned entrepreneurs, business leaders, prestigious university presidents, and heads of investment institutions, who will offer advice and guidance. It will also invite venture capital institutions to co-invest and increase their investment. (The Publicity Department of the CPC Hunan Provincial Committee, Hunan Radio, Film and Television Group Co., Ltd., the Department of Education of Hunan Province, the Hunan Provincial Department of Finance, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

(XVI) Carrying out in-depth publicity on the theme of college student entrepreneurship. Our province will invite mainstream domestic media and well-known online new media, concentrate local advantageous resources, and establish a publicity mechanism that integrates large and small screens, with high-frequency, online and offline coverage for extended periods, along with in-depth follow-up reporting. This will foster a strong atmosphere in society that values and supports college student entrepreneurship. (The Publicity Department of the CPC Hunan Provincial Committee, Hunan Radio, Film and Television Group Co., Ltd., the Department of Education of Hunan Province, the Hunan Provincial Department of Finance, and the Hunan Provincial Committee of the Communist Youth League of China are responsible according to their respective duties.)

Relevant departments and universities in various regions shall prioritize supporting college student entrepreneurship, strengthen organizational leadership, ensure accountability, and promote innovative and practical progress. At the provincial level, a coordination mechanism for supporting student entrepreneurship will be established, led by the Provincial Department of Education, with the participation of relevant provincial departments and units. The Department of Education of Hunan Province shall work with relevant departments to strengthen coordination and guidance, and promptly research and resolve practical issues. All relevant departments shall conscientiously fulfill their duties, actively cooperate, and refine and implement policy measures according to their assigned tasks, ensuring effective implementation. Universities shall deepen the reform of innovation and entrepreneurship education, actively cultivate students' innovative spirit and practical abilities, and create a strong atmosphere that supports entrepreneurship. Universities shall conduct timely dynamic assessments, summarize and promote successful experiences and practices, and optimize and enhance the effectiveness of policies. Cities, autonomous prefectures, and counties or districts shall, in accordance with the deployment of the Hunan Provincial Committee of the Communist Party of China and the People's Government of Hunan Province, implement and strengthen various student entrepreneurship initiatives, driving employment through entrepreneurship, and better promoting high-quality and full employment.

This policy will be implemented starting from December 1, 2024, and will remain effective until November 30, 2029. The duration for policies related to taxes and other national regulations will be implemented under national provisions.

This policy shall be interpreted by the General Office of the People's Government of Hunan Province, with specific responsibilities led by the Department of Education of Hunan Province. Any previous regulations that are inconsistent with this document shall be governed by the provisions of this document.