China is intensifying its support for small and medium-sized enterprises (SMEs) as part of a comprehensive strategy to stimulate the country's economy, drive innovation, and enhance the capabilities of these vital businesses.
The Ministry of Industry and Information Technology (MIIT) has announced specific measures aimed at promoting the growth of innovative SMEs, \"little giant\" firms, and unicorn companies. These initiatives focus on technological breakthroughs, digital transformation, financing, and international cooperation.
Central government funds will be allocated to aid innovative SMEs and \"little giant\" firms in developing new products, strengthening supply chains, and fostering innovation. Additionally, unicorn companies will receive assistance with public listings, mergers and acquisitions, restructuring, and exploring emerging fields such as 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.\"
According to MIIT data, China has cultivated around 141,000 innovative SMEs, including 14,600 \"little giant\" firms. 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 an 18.7-percent increase in the textile sector.
Reference(s):
China amplifies support to boost SMEs and accelerate innovation
cgtn.com
