China is set to amplify its support for innovative small and medium-sized enterprises (SMEs) and unicorn companies, in a strategic move to foster new productive forces and invigorate market vitality, the Ministry of Industry and Information Technology (MIIT) announced on Monday.
According to Wang Jiangping, Vice Minister of Industry and Information Technology, the Chinese mainland has nurtured approximately 141,000 innovative SMEs that utilize specialized and sophisticated technologies to produce unique products. This includes 14,600 \"little giant\" firms, which are elite SMEs specializing in niche markets with cutting-edge technologies.
\"These companies have played a pivotal role in promoting new industrialization and developing quality productive forces,\" Wang stated at a press conference. He emphasized that the MIIT will collaborate with relevant departments to implement mechanisms that promote the development of such SMEs and boost their high-quality growth.
The MIIT plans to bolster the digital transformation and financing capabilities of these enterprises. For \"little giant\" firms, the central government budget will be utilized to support technological breakthroughs, new product development, and strengthening of the industrial chain to enhance scientific and technological innovation.
In recent years, the Chinese mainland has seen a growing number of unicorn companies, with over half of last year's new unicorns emerging in rapidly developing technology sectors like new energy, artificial intelligence, and semiconductors, according to the MIIT.
The ministry has vowed to support the listing, mergers and acquisitions, and restructuring of unicorn firms. It aims to promote the growth of these companies in future industries such as brain-computer interfaces and 6G sectors, and to facilitate their integration into the global innovation network.
Looking ahead to the fourth quarter, the Chinese mainland will launch specific measures to promote consumption and domestic demand to help enterprises expand markets and unleash vitality, Wang said.
The initiatives include promoting investment in technical transformation projects, equipment renewal, and accelerating the issuance of re-loans worth 150 billion yuan (about $21.21 billion) to support such projects.
To further expand consumption, efforts will be made to promote electric bicycle trade-ins and increase promotion for new energy vehicles. Additionally, development in sectors such as the low-altitude economy and smart manufacturing will be supported to create new engines for economic growth.
Reference(s):
cgtn.com
