Outdated mindset is blocking China's new ideas, say analysts
Revamp in education, less interference in market and easier financing for small firms are needed
A leading mainland Chinese inventor-entrepreneur says he may not have surrendered his professorship at an elite university if government policy at the time had allowed him to set up his company while still staying in his post.
"If there had been an option, I would have definitely considered it," Zhong Faping - one of the best-known figures in the new energy auto technology sector - said. Zhong quit his job at Tsinghua University in 1997 to establish Hunan Corun New Energy, a leading producer of batteries for hybrid vehicles.
The mainland has launched unprecedented measures in recent months to accelerate innovation. The government vowed to support university students who decide to leave early to start a business before returning to complete their studies. It also decided to reduce tax hurdles for emerging industries, such as e-commerce.
To spur "mass entrepreneurship and innovation", the State Council also said teachers would be encouraged to start their own businesses while staying employed at their state-run universities and research institutes.
Zhong welcomed the moves, but said they would not be enough. The government itself needed to change its mindset on innovation, he argued.
