China to step up proactive support for promising SMEs

BEIJING - China will accelerate efforts to identify and nurture promising small and medium-sized enterprises (SMEs), shifting from waiting for companies to apply for support to proactively seeking out firms with strong growth potential, the Ministry of Industry and Information Technology said Sunday.

The ministry will improve mechanisms to foster SMEs that use specialized and sophisticated technologies to produce novel and unique products, and strengthen the identification of promising start-ups, particularly companies focused on technological innovation and product development.

The ministry made the promise at a roundtable with SMEs on Sunday, where participants discussed ways to improve the proactive identification mechanism and provide more targeted services to companies.

A ministry official said China will continue to improve its legal and policy framework, enterprise cultivation programs, and business support services to promote SMEs' high-quality development.

Companies are also encouraged to pursue specialized and innovative development, increase research and development investment, and seek breakthroughs in key and core technologies.

The official urged SMEs to focus on their core businesses, improve products and production processes, and strengthen services, while addressing bottlenecks and weak links in industrial and supply chains to enhance resilience and security.

Representatives from eight SMEs in sectors including artificial intelligence, commercial spaceflight and quantum technology attended the meeting.

China has strengthened support for specialized and innovative SMEs as part of broader efforts to boost industrial innovation and supply-chain resilience.

Earlier this month, China issued a plan to promote the high-quality development of SMEs during 2026-2030, setting targets for business growth, innovation, and the development environment.

By 2030, China's SMEs are expected to grow in both quality and scale, with per-capita operating revenue of major SMEs posting cumulative growth of around 15 percent over the five-year period, according to the plan.