BEIJING - China will promote mass entrepreneurship and innovation to inject new vigor into the economy.

China's cabinet, the State Council, on Tuesday issued guidelines on specific measures to support the people starting new businesses and bring forth innovative ideas.

Governments at all levels are encouraged to purchase innovation products and services from start-up companies to support their development.

The start-ups will enjoy favorable policies to issue IPOs and raise funds through the bond market.

Banks should strengthen their services for start-ups and innovative enterprises, offering targeted financial products and more professional services.