High-speed railway （HSR） is a case of transportation infrastructure; China’s HSR network has experienced extensive growth since 2009. By the end of 2019, 35000 kilometers of HSR had been constructed, accounting for over 60% of the world’s total HSR length. The contents of SMC not only include the information infrastructure upgrade, but also the transformation of traditional infrastructure construction into new-type, intelligent and networked. We begin our analysis by proposing a simple new economic geography model to study the precise channels through which infrastructure contributes to entrepreneurship. Since infrastructure can reduce the costs of starting a business, it is assumed that infrastructure upgrading can promote entrepreneurship in cities. The literature also suggests that a large venture capital market size and inclusion of the digital economy are key drivers behind a city’s attractiveness to its entrepreneurship activity. Based on this theoretical framework, we apply the difference-in-differences （DID） approach with HSR’s initial operation and SMC’s pilot project as exogenous shocks to local entrepreneurship．Our sample includes all of the registration information of new enterprises and venture capital deals from 2005 to 2017 at the prefecture-city level．We also match those data with the index of digital financial inclusion （a joint project by the Institute of Digital Finance of Peking University and Ant Financial） which began from 2011. In the DID analysis, we first conduct a full-sample regression analysis, and then conduct a regression analysis of propensity score matching and regional heterogeneity test. The empirical results suggest that startup activity is positively linked to infrastructure in general, but new infrastructure is more conducive to entrepreneurship in medium and small sized cities of central and western regions than road infrastructure. The possible marginal contributions of this paper are as follows: First, the research on the impact of infrastructure on entrepreneurship has been extended to the development background of China. Second, we can observe this problem independently from a more reasonable spatial scale by using the business registration information and venture capital cases at the enterprise level and the empirical perspective at the city level. Future research can be expanded in the following three aspects: Firstly, cross regional factors can be embedded in the new economic geography model of infrastructure and entrepreneurship. Secondly, the progress of new infrastructure has been redeployed since the outbreak of Corona Virus Disease 2019 in China. Therefore, the concept of new infrastructure needs to be improved. Finally, we can use geographic information and spatial econometric model to further explore the spatial spillover effect of infrastructure upgrading on the growth of entrepreneurship.