China's first-ever guideline that advocates entrepreneurial spirit and creates a favorable environment for entrepreneurs will play a vital role in driving the ongoing supply-side structural reform to further boost innovation, experts said.

The entrepreneurial spirit is an important driving force to further upgrade and transform the economy, said Liu Quanhong, a researcher from Chinese Academy of Macroeconomic Research.

"Boosting the entrepreneurial spirit holds a key to the country's supply-side structural reform, which is supposed to stimulate market vitality at a deeper level and achieve healthy and sustainable development," Liu said.

The guideline, the first of its kind, was released on Monday by the Communist Party of China Central Committee and the State Council. It advocates the entrepreneurial spirit, which includes hard work, pursuing excellence, craftsmanship, innovation and social responsibility.

The guideline stresses that the government will protect the legal rights and interests of entrepreneurs, ensure fair competition and strengthen protection of intellectual property rights to encourage innovation.

According to the guideline, a negative list management program will be rolled out nationwide to ensure fair access to industries and businesses that are not off-limits for market entities.

Creating a favorable social environment will prove important for innovation and entrepreneurship, said Zhang Yuli, dean of business school of Nankai University.

"Moreover, the government's efforts on strengthening protection of IPR (intellectual property rights) will benefit the enterprises, which have mastered mature technologies and possessed competitive products in the market, as well as boost different types of innovation such as new business models and cultural creativity," Zhang said.

Zhang said the fair market access will let more private capital tap into more areas, such as military industry, energy, transportation and telecom, and promote the State-owned enterprises' mixed ownership reforms.

It means private enterprises will be encouraged to play a bigger role in boosting innovation and entrepreneurship, Zhang said.

"The guideline provides all-around support and protection for entrepreneurs to focus on quality and continuous innovation without extra worries," said Zhang Ruimin, chairman and chief executive of household appliance giant Haier Group.

Song Zhiping, chairman of China National Building Material Group, said entrepreneurs are a national strategic resource and suggested the government should establish a sense of better serving entrepreneurs and reduce tedious procedures for approval.

In Zhang Yuli's eyes, entrepreneurs are treasures of society and he applauded the fact that the guidelines admit the importance of entrepreneurial spirit and restore confidence of the vast number of entrepreneurs.

"It is noteworthy that the guideline gives more tolerance and understanding to the mistakes that entrepreneurs make in their legal operations, which could let them learn from failures and enhance their own capacities," Zhang added.

China will introduce a number of reform measures to create a better environment for innovation and development in the future, according to a decision made at a State Council executive meeting last month.