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China’s Ministry of Industry and Information Technology announced support measures on Tuesday that aim to create 200 industrial clusters of small and medium-sized enterprises (SMEs) during the 14th Five-Year Plan (2021-25) period
Local authorities are urged to designate industries where the region has an advantage, and cultivate companies to help fill gaps in industry chains, according to a notice issued by the ministry. They are also encouraged to promote synergies between large enterprises and SMEs, and support SMEs’ industrial clusters to participate in the advanced manufacturing, it said.
More measures will be announced to increase the sector’ innovation ability, such as promoting SMEs to establish innovation cooperation with universities, institutes and other companies, it said.
Local authorities are also urged to promote digital upgrading and accelerate green low-carbon transformation of local industrial clusters, the ministry said.
Earlier, China had designated about 9,000 “little giants,” or SMEs that specialize in strategic sectors like advanced manufacturing and semiconductors, according to a report issued by the MIIT. Their operating income reached 3.7 trillion yuan ($532 billion) in 2021, surging 31.5% from a year earlier. China aims to nurture 10,000 “little giant” companies during the 14th Five-Year Plan period, and the authorities have published four lists of companies designated as “little giant” companies.