China’s State Council says it will enhance support for venture capital entities, Chinese state-run news agency Xinhua reported. The aim is to encourage entrepreneurship in the country and support start-up businesses, it added.

The media outlet quoted a note released by the State Council saying that under the policy, foreign investors would be treated the same way as domestic investors. They would also enjoy “much easier market access” than previously, and simplified administration procedures.

The statement was released after a State Council executive meeting on Thursday. China’s Premier, Li Keqiang, presided over it.

According to Xinhua, industrial leaders; bodies referred to as “start-up incubators”; and insurance firms would be encouraged to provide investment to business start-ups. The enabling measures would include improvement of investment processes for development of new products; and “platforms such as an over-the-counter stock trading board to enhance direct financing,” said the news report.

The State Council additionally said preferential policies would be applied to venture capital firms with long-term investment strategies, according to the media outlet.