BEIJING: China recently rolled out new measures to improve the competitiveness of its small and medium-sized enterprises, or SMEs, by offering stronger intellectual rights protection and more financing channels.
Experts believe the measures are expected to help businesses realize their potential for innovation and boost their vitality, enabling them to better contribute to national high-quality development efforts. On Nov 23, the State Council, China’s Cabinet, issued a guideline on enhancing the competitiveness of SMEs. It included policies aimed at fostering growth, ranging from stronger credit support, diversified financing channels and strengthened intellectual property rights protection.
It also pledged to offer SMEs an environment that better supports innovation. More funding will be steered toward those developing specialized, sophisticated techniques and unique products to improve their ability to innovate and raise their level of professionalism. The guideline also urged central government platforms to better support SMEs. In particular, the State manufacturing innovation center will play a larger role in bolstering SMEs and better protect them as they seek to market their products. Economists said that industrial innovation is key as the Chinese government focuses on high-quality economic growth.
– The Daily Mail-China Daily News exchange item
