China is stepping up its support for small and medium-sized enterprises (SMEs) to supercharge the economy, drive innovation, and enhance the capabilities of these vital businesses. 🌟
The Ministry of Industry and Information Technology (MIIT) has unveiled specific measures aimed at promoting the growth of innovative SMEs, \"little giant\" firms—which are highly specialized SMEs focusing on niche markets with advanced technologies—and unicorn companies. 🦄
Support initiatives will focus on technological breakthroughs, digital transformation, financing, and international cooperation. Central government funds will be allocated to help innovative SMEs and \"little giant\" firms develop new products, strengthen supply chains, and boost innovation. Meanwhile, 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.\"
To date, 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. Notably, 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. 📈
With these robust support measures, China's SMEs and unicorns are set to drive the next wave of economic growth and technological innovation. 🌍✨
