Guizhou acts to boost SMEs with special services

Southwest China's Guizhou province launched a project on June 25 to provide a special development service for small and medium-sized enterprises – also known as SMEs – in the provincial capital of Guiyang city.

Under the initiative, during the 14th Five-Year Plan period (2021-25), Guizhou will assist more than 100 SMEs to be recognized as "specialized, precise, featured and innovative."

In addition, a number of them will be developed as provincial "small giant" enterprises.

SMEs recognized as being provincial specialized, precise, featured and innovative will receive support when applying for provincial industrialization development funds and other special funds.

Businesses identified as "small giant" enterprises will receive a one-time reward from a provincial special fund for SMEs.

According to the plan, all the cities and prefectures in Guizhou will establish SME development pools to provide support in terms of technological innovation, their commercialization of scientific and technological achievements and improvements to their capacity to innovate with information technologies.

To meet their financing needs, Guizhou will support SMEs to directly finance themselves through issuing bonds and asset securitization. The province will also encourage financial institutions to release loans to SMEs with collateral securities, such as receivables and intellectual property.

Currently, Guizhou has 1,992 provincial specialized, precise, featured and innovative enterprises and 14 national small giant enterprises, and these have reportedly boosted the development of industry clusters.