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A thousand key SMEs to receive rewards and subsidies this year

By Yan Xingzhou | chinadaily.com.cn | Updated: 2024-06-19 16:52

A staff member monitors the production process at Jiangsu Vilory Advanced Materials Technology Co Ltd, at Xuzhou Economic and Technological Development Zone, East China's Jiangsu province, May 8, 2024. [Photo/VCG]

Around 1,000 specialized and innovative small and medium-sized enterprises are to receive government rewards and subsidies in 2024, for supporting them in facilitating high-quality development, reported CCTV news quoting the Ministry of Finance and the Ministry of Industry and Information Technology on Wednesday.

The fund will be divided into three batches, and will be used to mainly support the high-quality development of those national-level enterprises in key areas during the 2024 to 2026 period, with around 1,000 enterprises expected to be covered in 2024, further expanding to more enterprises in 2025 and 2026 based on implementation.

The rewards and subsidies are aimed to encourage the enterprises in key areas to increase investment in innovation. It will also be utilized on management diagnosis, talent training and quality inspections for those enterprises.

These innovation-driven small and medium-sized enterprises, which own core technologies in a niche market and show great market potential, are known as "little giants".

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