China is set to bolster its support for innovative small- and medium-sized enterprises (SMEs) and unicorn companies, aiming to cultivate new productive forces and assist enterprises in expanding markets and unleashing vitality, according to the Ministry of Industry and Information Technology (MIIT).
At a press conference on Monday, Wang Jiangping, vice minister of industry and information technology, announced that China has developed approximately 141,000 innovative SMEs utilizing specialized and sophisticated technologies to produce novel or unique products. Among these are 14,600 \"little giant\" firms, which are elite SMEs engaged in manufacturing, specializing in niche markets, and boasting cutting-edge technologies.
\"These companies have played a significant role in promoting new industrialization and developing high-quality productive forces,\" Wang stated. He added that the MIIT will collaborate with relevant departments to establish mechanisms that promote the development of these SMEs and enhance their high-quality growth.
The MIIT plans to intensify efforts to support the digital transformation and financing of these enterprises. For the \"little giant\" firms, the central government budget will be utilized to aid in achieving technological breakthroughs, developing new products, and strengthening the industrial chain, thereby boosting scientific and technological innovation.
China has witnessed a surge in unicorn companies in recent years. Over half of last year's new unicorns emerged in rapidly developing technology sectors such as new energy, artificial intelligence, and semiconductors, as per the MIIT.
The ministry has pledged to support the listing, mergers and acquisitions, and restructuring of unicorn firms. It aims to promote the growth of such companies in future industries, including the brain-computer interface and 6G sectors. Additionally, the MIIT will support these firms in integrating into the global innovation network and enhancing innovation cooperation.
In the fourth quarter of this year, China will introduce specific measures to promote consumption and domestic demand, assisting enterprises in market expansion and vitality release, Wang announced.
The country will encourage investment in projects focused on technical transformation, upgrading, and equipment renewal. It will also expedite the issuance of re-loans worth 150 billion yuan (approximately \$21.21 billion) to support these projects.
To further expand consumption, China will promote electric bicycle trade-ins and increase promotional efforts for new energy vehicles. Wang added that China will also foster the development of sectors such as the low-altitude economy and smart manufacturing to create new engines for economic growth.
Reference(s):
cgtn.com