The competition was hosted by 12 ministries and commissions as well as the provincial government of Zhejiang. It has become an important platform for China to promote entrepreneurship education reform after it was initiated in 2015. 

Statistics from the Ministry of Education show that the competition has attracted the participation of a total of 2.3 million teams consisting of 9.47 million college students to date. 

The competition helped boost innovation, according to Wu.

"We did a survey and the results show that of all the startups established based on participating projects, nearly 90 percent were established in the first year after the competition. Half of them have finished financing and 19 percent have raised more than 50 million yuan ($7.06 million). Some are generating revenue, with the highest topping 200 million yuan a year," Wu said.

The competition also promotes entrepreneurship education in China. 

Statistics show that more than 28,000 entrepreneurship-focused courses have been offered, both online and offline, in Chinese schools of higher learning to date. There are now nearly 28,000 professional teachers focusing on entrepreneurship and innovation education.

In addition, the Ministry of Education also established a talent pool for outstanding entrepreneurship and innovation education professors and has so far gathered 4,492 such professors.