The Ministry of Human Resources and Social Security along with Tsinghua University set up a research center on G20 economies’ entrepreneurship on Wednesday to support startups and facilitate communications among G20 members.

The Entrepreneurship Research Center on G20 Economies will cooperate with international organizations, such as the International Labour Organization and Organization for Economic Co-operation and Development, to conduct entrepreneurship research among G20 members and other countries.

It emerged in response to the G20 Entrepreneurship Action Plan initiated last July.

“Establishment of the center is just a beginning on implementing the plan,” said Minister of Human Resources and Social Security Yin Weimin at the launch ceremony.

Yin said that in the future, the center should strengthen policy research and promote information sharing of innovation and entrepreneurship.

Minister of the German Embassy in China Christophe Eick said: “With the opening of the research center, China realized one of the goals of its G20 presidency of 2016.”

Qian Yingyi, dean of the Tsinghua University School of Economics and Management, said the school had rich experience in entrepreneurial education and would leave no stone unturned to carry out the work.

According to Qian, as of late 2016, about 983 programs launched by Tsinghua students and alumni joined the X-lab, one of the incubators that SEM and other partners founded in 2013. Their registered financing has exceeded 1.2 billion yuan ($173.1 million).