China encourages SOEs, foreign investors to back startups

China’s top leaders want state-owned enterprises and foreign investors alike to boost bets on the nation’s startups with capital to help new companies expand and create jobs, Bloomberg reports. Authorities will encourage investment from various sources including local government-backed entities, SOEs and insurers while relaxing restrictions on foreign investors, according to a statement Thursday after a State Council meeting led by Premier Li Keqiang. The government issued a flurry of announcements last week, signaling that officials will further open the world’s second-largest economy and speed up reforms. China also will develop new financial tools to help facilitate investments in startups and also ensure that investor interests in startups are protected, according to the statement. Policy makers also will expand pilot programs that let more foreign nationals become residents.