China intensifies support for cutting-edge SMEs in technology advancement push
China is preparing to bolster its initiatives to nurture and assist innovative small and medium-sized enterprises (SMEs) with the aim of speeding up technological progress and fostering the creation of new products.
TroibNews 
China is poised to enhance its initiatives to foster and support innovative small- and medium-sized enterprises (SMEs) to accelerate technological progress and stimulate new product development.
SMEs are pivotal in driving innovation within the country. The latest initiatives target a select group employing advanced and specialized technologies to produce novel and unique products.
The Ministry of Industry and Information Technology (MIIT) indicates there will be an increased effort for SMEs to transition to cloud computing, adopt digital tools, and utilize intelligent technologies. The objective is to cultivate distinctive industrial clusters of SMEs and establish a high-quality, efficient service system to bolster them.
The MIIT previously declared the launch of a special campaign aimed at empowering SMEs through digital transformation, aspiring to achieve complete digitalization of "little giant" enterprises by 2027. These enterprises represent the elite among China's SMEs engaged in manufacturing, focusing on niche markets and embracing cutting-edge technologies.
This recent support for innovative SMEs is in line with a newly released key policy document emphasizing the necessity of reinforcing the primary role of enterprises in innovation.
By the end of June this year, China had nurtured over 140,000 such SMEs, including 12,000 "little giant" enterprises.
To promote increased research and development (R&D) spending among scientific and technological SMEs, China plans to enhance the rate of additional tax deductions for their R&D expenses, as stated in the policy document.
Additionally, there will be efforts to encourage higher education institutions and research institutes to allow micro, small, and medium enterprises to use their proprietary scientific and technological advances on a "use first, pay later" basis.
Regarding the service system, China has established over 1,780 public service institutions for SMEs at various levels, including national, provincial, municipal, and county levels, according to recent MIIT data. The coverage rate of institutions at the municipal-level and above has reached 84 percent.
This progress aligns with the ministry's plan to enhance support capabilities at all levels for SMEs by 2025. By 2035, the goal is to develop a sophisticated service system conducive to the high-quality development of SMEs. This system will focus on establishing top-tier institutions, strong platforms, abundant resources, excellent services, and high satisfaction rates.
China's SME promotion law mandates that people's governments at the county level or higher should establish and improve public service institutions according to actual needs. These institutions provide public welfare services to SMEs, such as intellectual property protection, investment and financing support, technical assistance, and talent acquisition.
Lucas Dupont contributed to this report for TROIB News
SMEs are pivotal in driving innovation within the country. The latest initiatives target a select group employing advanced and specialized technologies to produce novel and unique products.
The Ministry of Industry and Information Technology (MIIT) indicates there will be an increased effort for SMEs to transition to cloud computing, adopt digital tools, and utilize intelligent technologies. The objective is to cultivate distinctive industrial clusters of SMEs and establish a high-quality, efficient service system to bolster them.
The MIIT previously declared the launch of a special campaign aimed at empowering SMEs through digital transformation, aspiring to achieve complete digitalization of "little giant" enterprises by 2027. These enterprises represent the elite among China's SMEs engaged in manufacturing, focusing on niche markets and embracing cutting-edge technologies.
This recent support for innovative SMEs is in line with a newly released key policy document emphasizing the necessity of reinforcing the primary role of enterprises in innovation.
By the end of June this year, China had nurtured over 140,000 such SMEs, including 12,000 "little giant" enterprises.
To promote increased research and development (R&D) spending among scientific and technological SMEs, China plans to enhance the rate of additional tax deductions for their R&D expenses, as stated in the policy document.
Additionally, there will be efforts to encourage higher education institutions and research institutes to allow micro, small, and medium enterprises to use their proprietary scientific and technological advances on a "use first, pay later" basis.
Regarding the service system, China has established over 1,780 public service institutions for SMEs at various levels, including national, provincial, municipal, and county levels, according to recent MIIT data. The coverage rate of institutions at the municipal-level and above has reached 84 percent.
This progress aligns with the ministry's plan to enhance support capabilities at all levels for SMEs by 2025. By 2035, the goal is to develop a sophisticated service system conducive to the high-quality development of SMEs. This system will focus on establishing top-tier institutions, strong platforms, abundant resources, excellent services, and high satisfaction rates.
China's SME promotion law mandates that people's governments at the county level or higher should establish and improve public service institutions according to actual needs. These institutions provide public welfare services to SMEs, such as intellectual property protection, investment and financing support, technical assistance, and talent acquisition.
Lucas Dupont contributed to this report for TROIB News
