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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Dec. 2 (Xinhua) — China has seen a sharp increase in the number of small giant enterprises in recent years, according to the Ministry of Industry and Information Technology.
According to the agency, during the 14th Five-Year Plan (2021-2025), the number of “small giants” – small and medium-sized enterprises with a high degree of specialization and technological leadership in their field, great innovative potential and a clear competitive advantage in the market – increased from just over 5,000 to 17,600. In 2024 alone, each of these companies, distinguished by an increased focus on innovation, invested an average of more than 30 million yuan (approximately 4.24 million US dollars) in R&D.
These firms, often considered niche market leaders and specialist suppliers, play a vital role in ensuring greater resilience and competitiveness in supply chains.
More than 60 percent of these "small giants" operate in basic industries, and nearly 80 percent operate in key production chains. Ninety percent of companies in this category supply directly to at least three large domestic or international enterprises. There are nearly 6,000 of these companies in so-called emerging industries, such as quantum technologies.
This situation, as analysts note, allows us to conclude that specialized small and medium-sized enterprises, which view innovation as the basis of competitiveness, have become a key driving force behind China's economic growth.
Although they account for only 3.5 percent of China's total industrial enterprises with annual operating income of at least RMB 20 million, they account for 9.6 percent of total operating revenue and 13.7 percent of total profit.
Chinese Minister of Industry and Information Technology Li Lecheng pledged to further strengthen the status of enterprises as innovative actors, enhance the role of high-quality companies as pillars of production chains, and improve the business climate.
According to the minister, seamlessly linking innovation and production chains, leveraging financial leverage, and expanding targeted financial support will be priorities of government policy. -0-
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