China is intensifying its support for small and medium-sized enterprises (SMEs) as part of a broader strategy to spur economic growth and drive innovation.
The Ministry of Industry and Information Technology (MIIT) has announced specific measures to promote the growth of innovative SMEs, “little giant” firms—highly specialized SMEs focusing on niche markets with advanced technologies—and unicorn companies. The support will target technological breakthroughs, digital transformation, financing, and international cooperation.
Central government funds will be allocated to aid innovative SMEs and “little giant” firms in developing products, strengthening the supply chain, and driving innovation. Unicorn companies will receive assistance with public listings, mergers and acquisitions, restructuring, and exploring emerging fields like brain-computer interfaces and 6G technology.
“These firms play a vital role in fostering new, high-quality productive forces,” said Wang Jiangping, vice minister at MIIT. “We will focus on helping these enterprises expand their markets and unleash their full potential.”
China has cultivated around 141,000 innovative SMEs, including 14,600 “little giant” firms, according to MIIT data. In the first eight months of this year, SMEs above a designated size recorded steady growth, with a 7.1 percent year-on-year increase in value added. SMEs in 19 of the 31 major manufacturing sectors reported a rise in total profits, including a 34.2 percent growth in automobile manufacturing and 18.7 percent in the textile sector.
The enhanced support for SMEs is expected to further stimulate China’s economic vitality, bolster its supply chain, and accelerate advancements in cutting-edge technologies.
Reference(s):
China amplifies support to boost SMEs and accelerate innovation
cgtn.com
