Authorities in Zhejiang province recently unveiled a guideline to develop more technologically advanced small and medium-sized enterprises (SMEs).
According to the guideline, the province is aiming to cultivate over 10,000 provincial-level and 1,000 national-level "little giants" by 2025 and support their development efforts in terms of specialization, refinement, distinctiveness, and innovation.
The guideline points out that Zhejiang province will encourage SMEs to carry out scientific research cooperation with colleges, universities and research institutions. At the same time, areas with adequate resources are encouraged to provide incentives and subsidies to science and technology-based SMEs.
For example, some SMEs are already enjoying further tax deductions on top of those spelt out by the national policies. High-level talents will receive more support in housing, children's education, among other aspects.
In terms of financing, Zhejiang has set up a special board for specialization, refinement, distinctiveness, and innovation in the equity trading center to provide listing, share reform, bond issuance and financing services for SMEs in these four areas.
Moreover, strong intellectual property rights protection will also be afforded to these SMEs.