China to cultivate 1 mn innovative SMEs by 2025

21 Dec '21

1 min read

Pic: Hai Huy Ton That | Dreamstime.com

China aims to nurture a million innovative small and medium enterprises (SMEs) by 2025, says a government guideline on development of SMEs during the 14th Five-Year Plan period (2021-2025). The country will also incubate 100,000 SMEs that feature specialisation, refinement, uniqueness and innovation, and 10,000 ‘little giant’ firms (high-end tech start-ups).

The guideline was jointly released by the ministry of industry and information technology and 19 other ministries and government departments.

The guideline said research and development expenditure of small industrial firms above designated size will maintain an annual growth of above 10 per cent by 2025, and the number of patent applications will also increase by 10 per cent annually, a government website said.

Related work during the 14th Five-Year Plan period will focus on mitigating difficulties faced by SMEs with financing, it said, underscoring efforts to support new business models, coordinate research and production, and increase the connectivity between large companies and SMEs in terms of innovation.

Efforts will also be made to improve the efficiency of services for SMEs and upgrade services with digital technologies, the guideline said.

Fibre2Fashion News Desk (DS)

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