The Chinese government is mulling measures to lure more expatriates to launch businesses in the nation, said the Chinese State Administration of Foreign Experts Affairs.

China’s English newspaper China Daily reported on Wednesday that “policy incentives” would be introduced in different areas, including funding and consultation services to spur foreign business start-ups.

“We have to focus on the nation’s strategic goals and attract high-level talent to start innovative businesses in China,” Zhang Jianguo, director of the administration, was quoted saying.

The shortage of high-quality talent in technology and in the service industry “has affected China’s innovation capability and competitiveness,” he added.

The Government is trying to encourage Chinese people to start their own business ventures.

Chinese Premier Li Keqiang said over the weekend: “To foster a new engine of growth, we need to encourage mass entrepreneurship and innovation, and mobilise the wisdom and power of the people.”

China’s economy grew by 7.4 percent in 2014, the slowest pace in 24 years.