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China vows more support for ‘little giant’-like firms amid self-sufficiency push
Beijing also aims to collect more industrial data and push manufacturers to embrace digital solutions
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China’s industry regulator has pledged to provide more fiscal support for small-scale innovative firms in specialised industries – such as the country’s “little giants” – as part of a basket of measures designed to boost the country’s technological self-reliance and upgrade key industries.
Li Lecheng, the head of China’s Ministry of Industry and Information Technology, told Xinhua that central authorities would implement a fresh round of fiscal support policies for small and medium-sized firms that lead the way in niche industries to “further strengthen enterprises as the core driver of technological innovation”.
His comments, published on Monday, came amid Beijing’s growing focus on reducing the country’s dependence on imported technology and boosting advanced manufacturing – areas highlighted as priorities in proposals for China’s 15th five-year plan, which will set the country’s policy agenda for the rest of the decade.
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According to Li, China will place a particular emphasis on developing future industries such as quantum technology, humanoid robots, brain-computer interfaces, deep-sea and polar exploration and 6G wireless internet, while revitalising traditional industries and accelerating progress in emerging industries.
The country will also launch an initiative to develop a stronger “industrial data foundation”, Li said, adding that it would build high-quality industrial data sets, expand data consulting and annotation services, and push all large manufacturers to embrace digital transformation.
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Speaking just as China began a new five-year plan cycle, Li said the ministry would speed up the launch of major projects under the 15th five-year plan and improve the coordination of industrial and trade policies this year.
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