Guangzhou launches 3-year action plan to support SMEs

A three-year action plan (2022-24) on the cultivation of specialized, elaborative, characteristic, and innovative enterprises in Guangzhou is released during a press conference on April 25.

A three-year action plan (2022-24) on the cultivation of specialized, elaborative, characteristic, and innovative enterprises in Guangzhou was released during a press conference on April 25.

As of now, Guangzhou is home to 68 national specialized, elaborative, characteristic, and innovative enterprises, with 410 ones at the provincial level and 1,859 at the municipal level. The number of those at the national level in Guangzhou accounts for 26 percent of Guangdong's total and 1.4 percent of China's total. 

Targets are set so that Guangzhou will have 5,000 municipal, 1,200 provincial, 250 national and 50 national major specialized, elaborative, characteristic, and innovative enterprises by 2024.

Support in seven sectors will be offered for small and medium-sized enterprises (SMEs) such as finance, industrial park construction, technical renovation and transportation.

A one-time reward of 1 million yuan ($152,600) will be offered to enterprises that have been newly acknowledged at the national level, and those that have been rated at the provincial level will receive a one-time payment of 200,000 yuan. 

Companies are encouraged to get listed, and a subsidy of up to 3 million yuan will be granted to cover half of the cost.

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