Youth Business China launched a branch office in Yinchuan, capital of Ningxia Hui Autonomous Region, last week to help local young people start their own businesses.

Launched by the Central Committee of the Communist Young League, the China National Association of the Youth and the All-China Federation of Industry and Commerce in November 2003, YBC is an entrepreneurship educational project that aims to mobilize all sectors of society, particularly the business community, to provide business mentoring, seed money and technical and network support to young entrepreneurs.

Last year, Yinchuan set up an entrepreneurship promotion commission that is eligible for matching governmental grants for money it raises from the public. So far, it has raised 15.36 million yuan (US$2.42 million), of which 6.94 million yuan was granted for 179 young entrepreneurs.

The city government also has allocated 3 million yuan from the funds and won a grant of the same amount from YBC. The YBC branch office will build a volunteer team of 78 business mentors selected from professionals in Yinchuan.

The city hopes to use YBC resources to cultivate a batch of homegrown companies over the coming three years and build them into dominant regional players in five years.