To aid mass entrepreneurship and innovation, the Wuxi branch of the Bank of Suzhou and the National Science Park of Jiangnan University will jointly set up the Suyin Entrepreneurship Institute, according to the deal both organizations made on Jan 29.

The institute will provide Wuxi enterprises, in particular those small and medium-sized, with services related to academic exchange and entrepreneurship competition, training and financial products, which will help improve Wuxi's entrepreneurial education system.

The Bank of Suzhou Wuxi branch has kept an eye on the demands of local small and medium-sized enterprises (SMEs). So far, it has built partnerships with more than a dozen of large-scale enterprises and signed cooperation intention agreements with more than 30 SMEs, with a total financial support of 4.31 billion yuan ($655 million).

As China eyes mass innovation and entrepreneurship as an emerging industry, promoting income distribution reform and social equity and providing young people with more opportunities, has become essential.

In 2015, the State Council released a series of policies on mass entrepreneurship and innovation, with local governments releasing more than 2,000 supporting policies.

At a State Council executive meeting, it was decided to set up a 60 billion yuan fund for the development of SMEs.

China's innovation-driven development corresponds to the world's new round of reform in technology and industry, which provides opportunities to China.