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China vows more support for ‘little giant’-like firms amid self-sufficiency push
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”.
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.
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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