China is set to boost support for innovative small- and medium-sized enterprises (SMEs) and unicorn companies, aiming to foster new quality productive forces and help enterprises expand their markets. The Ministry of Industry and Information Technology (MIIT) announced Monday that it will implement measures to unleash the vitality of these businesses.
To date, China has cultivated approximately 141,000 innovative SMEs, including 14,600 \"little giant\" firms. These companies leverage specialized, sophisticated technologies to produce unique products, playing a crucial role in promoting new industrialization and developing high-quality productive forces, said Wang Jiangping, Vice Minister of Industry and Information Technology.
The MIIT plans to collaborate with relevant departments to establish mechanisms that support the growth of these SMEs and drive high-quality enterprise growth. Efforts will focus on digital transformation and financing, particularly for \"little giant\" firms engaged in manufacturing and specialized niche markets with cutting-edge technologies. Central government budgets will support these firms in achieving technological breakthroughs, developing new products, and strengthening industrial chains to enhance scientific and technological innovation.
China has also seen a surge in unicorn companies, with over half of last year's new unicorns emerging in rapidly developing technology sectors such as new energy, artificial intelligence, and semiconductors, according to the ministry. The MIIT has committed to supporting the listing, mergers and acquisitions, and restructuring of unicorn firms, promoting their growth in future industries like brain-computer interfaces and 6G technology. Additionally, the ministry aims to integrate these companies into the global innovation network and enhance international innovation cooperation.
In the fourth quarter of this year, China will launch specific measures to promote consumption and domestic demand. These initiatives aim to help enterprises expand their markets and unleash their potential by promoting investment in technical transformation and upgrading projects, as well as equipment renewal. The government will accelerate the issuance of re-loans worth 150 billion yuan (about $21.21 billion) to support these projects.
To stimulate consumption, China will promote electric bicycle trade-ins and increase promotion efforts for new energy vehicles. Furthermore, the development of sectors such as the low-altitude economy and smart manufacturing will be supported to create new engines for economic growth.
Reference(s):
cgtn.com
