China pledges enhanced support for SMEs and unicorn companies
The Ministry of Industry and Information Technology (MIIT) announced on Monday that China will enhance support for innovative small- and medium-sized enterprises (SMEs) and unicorn companies. This initiative aims to cultivate new quality productive forces, assist businesses in expanding their markets, and unlock their potential.
TroibNews 
China plans to enhance support for innovative small- and medium-sized enterprises (SMEs) and unicorn companies to cultivate new quality productive forces, aiding these enterprises in market expansion and revitalization, according to a statement from the Ministry of Industry and Information Technology on Monday.
Currently, China has developed approximately 141,000 innovative SMEs that leverage specialized and sophisticated technologies to create unique products, including 14,600 "little giant" firms, as noted by Wang Jiangping, vice minister of industry and information technology, during a press conference.
These firms have significantly contributed to advancing new industrialization and fostering new quality productive forces. Wang emphasized that the MIIT will collaborate with relevant departments to establish mechanisms aimed at enhancing the development of these SMEs and promoting their high-quality growth.
He indicated that additional initiatives will be implemented to assist with the digital transformation and financing of these businesses. The "little giant" firms, a term that refers to elite SMEs engaged in manufacturing, specializing in niche markets, and possessing cutting-edge technologies, will receive support from the central government budget for achieving technological breakthroughs, product development, and strengthening the industrial chain to enhance their scientific and technological innovation.
The ministry reported a rising number of unicorn companies in recent years, with more than half of last year's new unicorns coming from fast-evolving technology sectors, including new energy, artificial intelligence, and semiconductors.
The MIIT has committed to facilitating the listing, mergers, acquisitions, and restructuring of unicorn firms while promoting their growth in emerging industries such as brain-computer interfaces and 6G. It also aims to help these companies integrate into the global innovation network and enhance collaborative efforts in innovation.
In the fourth quarter of this year, specific measures will be introduced to boost consumption and domestic demand, thereby assisting enterprises in market expansion and revitalization, according to the vice minister.
Efforts will focus on fostering investment in technical transformation, upgrading projects, and equipment renewal, coupled with expediting the issuance of re-loans totaling 150 billion yuan to support these initiatives.
To stimulate consumption, China plans to promote electric bicycle trade-ins and ramp up marketing efforts for new energy vehicles, while also aiming to develop sectors like the low-altitude economy and smart manufacturing to generate new engines for economic growth.
Max Fischer contributed to this report for TROIB News
Currently, China has developed approximately 141,000 innovative SMEs that leverage specialized and sophisticated technologies to create unique products, including 14,600 "little giant" firms, as noted by Wang Jiangping, vice minister of industry and information technology, during a press conference.
These firms have significantly contributed to advancing new industrialization and fostering new quality productive forces. Wang emphasized that the MIIT will collaborate with relevant departments to establish mechanisms aimed at enhancing the development of these SMEs and promoting their high-quality growth.
He indicated that additional initiatives will be implemented to assist with the digital transformation and financing of these businesses. The "little giant" firms, a term that refers to elite SMEs engaged in manufacturing, specializing in niche markets, and possessing cutting-edge technologies, will receive support from the central government budget for achieving technological breakthroughs, product development, and strengthening the industrial chain to enhance their scientific and technological innovation.
The ministry reported a rising number of unicorn companies in recent years, with more than half of last year's new unicorns coming from fast-evolving technology sectors, including new energy, artificial intelligence, and semiconductors.
The MIIT has committed to facilitating the listing, mergers, acquisitions, and restructuring of unicorn firms while promoting their growth in emerging industries such as brain-computer interfaces and 6G. It also aims to help these companies integrate into the global innovation network and enhance collaborative efforts in innovation.
In the fourth quarter of this year, specific measures will be introduced to boost consumption and domestic demand, thereby assisting enterprises in market expansion and revitalization, according to the vice minister.
Efforts will focus on fostering investment in technical transformation, upgrading projects, and equipment renewal, coupled with expediting the issuance of re-loans totaling 150 billion yuan to support these initiatives.
To stimulate consumption, China plans to promote electric bicycle trade-ins and ramp up marketing efforts for new energy vehicles, while also aiming to develop sectors like the low-altitude economy and smart manufacturing to generate new engines for economic growth.
Max Fischer contributed to this report for TROIB News
