On October 14, the State Council Information Office held a press conference to discuss initiatives aimed at enhancing support for businesses.
Wang Jiangping, the Vice Minister of Industry and Information Technology, emphasized the long-term national strategy of supporting the development of small and medium-sized enterprises (SMEs). He noted that the Ministry of Industry and Information Technology (MIIT) serves as the comprehensive management department responsible for promoting SMEs under the State Council. The ministry remains committed to the direction of fostering specialized, refined, feature-oriented, and innovative (referred to as “specialized new”) enterprises, nurturing high-quality SMEs through a tiered approach. Currently, there are 141,000 specialized new SMEs and 14,600 “little giant” enterprises in China, playing a crucial role in advancing new industrialization and developing new productivity. Moving forward, the MIIT will work with relevant departments to establish mechanisms that support the growth of specialized new SMEs, creating a comprehensive “selection, nurturing, and strengthening” cultivation system to enhance their high-quality development.
In the realm of technological innovation, the MIIT, in conjunction with the Ministry of Finance, has launched a new round of supportive policies for specialized and new enterprises. This year, over 1,000 key “little giant” enterprises will receive funding from the central government to foster new momentum, tackle cutting-edge technologies, develop innovative products, and strengthen their industrial chain capabilities. Additionally, through targeted refinancing projects, more than 1,100 “little giant” enterprises will be supported in their technological upgrades and equipment renewals. A resource directory for pilot services for SMEs will be published, with priority given to “little giants” involved in major product and process application plans. There will also be initiatives to promote patent commercialization to assist eligible specialized new SMEs with rapid pre-approval and intellectual property rights services.
Regarding digital transformation, the second batch of pilot cities for SME digital transition has recently been selected. The central government has allocated 2.7 billion yuan for these efforts, with local governments contributing over 12 billion yuan. Next year, additional pilot cities will be chosen, aiming to support more than 40,000 SMEs nationwide in their digital transformation efforts.
On the financial support front, the MIIT will collaborate with the China Securities Regulatory Commission to introduce the third batch of specialized new boards in regional equity markets and has signed a strategic cooperation agreement with the Beijing Stock Exchange to facilitate financing channels for specialized new SMEs. Additionally, in coordination with relevant departments, the MIIT will initiate a nationwide financing promotion campaign for SMEs focused on key industrial chains, ensuring precise alignment between financial institutions and SMEs in these chains.
In terms of service assurances, support will be provided for “little giant” enterprises to establish postdoctoral research stations and grant high-level talents recommendation rights. Pilot projects will facilitate autonomous evaluation of senior professional titles for specialized new SMEs. Local governments will be encouraged to provide specialized support in areas such as talent residency, housing, and education for children of employees in specialized new SMEs. Simultaneously, the MIIT has developed a comprehensive service network for SMEs spanning national, provincial, municipal, and county levels, involving over 1,780 public service institutions to bridge the “last mile” in implementing policies, technology, management, and service resources.
