The Communist Party of China (CPC) leadership, at a recent meeting on planning for economic work in the second half of 2024, has emphasized that efforts are required to foster emerging and future-oriented industries.
The meeting, held by the decision-making politburo of the CPC Central Committee in Beijing on Tuesday, made arrangement for economic work in the second half of the year on the basis of analyzing and studying the current economic situation faced by the country, pointing out that efforts should be made to vigorously promote high-level scientific-technological self-reliance, research on key and core technologies and transformation and upgrading of traditional industries.
In particular, the meeting called for powerful and effective support for the development of "gazelle" and "unicorn" companies.
The so-called "gazelle" enterprises are usually small and medium-sized enterprises (SMEs) that have crossed the death valley of the start-up period and steadily entered the high-growth period, while unicorn enterprises generally refer to those that have been established for no more than 10 years and have a total valuation of more than one billion U.S. dollars. Although the two are at different stages of development, they are both driven by innovative factors, gather a large number of talents, and have high growth potential.
Many "gazelle" and "unicorn" companies use disruptive and cutting-edge technologies to give birth to new business models and new momentum. They are important entities in promoting in-depth integration of sci-tech innovation and industrial innovation, and are part of the core driving forces for developing new quality productive forces.
Zhang Zhongyong, director of the Small and Medium Enterprises Research Center under the Planning Institute of the China Academy of Information and Communications Technology, said in a telephone interview with China Media Group (CMG) that specialized, high-end and innovation-driven SMEs have become an important source of unicorn companies in China.
In June this year, the Ministry of Finance and the Ministry of Industry and Information Technology jointly issued a notice to further support high-quality development of specialized, high-end and innovation-driven SMEs. So far, China has fostered a total of 12,000 "little giants," which are top-notch performers among specialized, high-end and innovation-driven SMEs that provide distinctive products or services.
Shi Yan, an official with the Ministry of Industry and Information Technology, said that in the future, central fiscal funds will support "small giants" in key areas to create new momentum, tackle new technologies, develop new products, and strengthen the supporting capabilities of the industrial chain. At the same time, they will support local governments in strengthening the development and empowerment of specialized, high-end and innovation-driven SMEs that provide distinctive products or services.
China to support enterprises in emerging, future-oriented industries
