China releases 15th Five-Year Plan for SME development

China's Ministry of Industry and Information Technology and nine other departments have released the ‘15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises’. The plan outlines strategic goals to be achieved by 2030, aiming for a qualitative and quantitative increase in the development of SMEs.

Key targets include a cumulative increase of approximately 15% in per capita operating income for large-scale SMEs. The plan also seeks to strengthen innovation, aiming for an annual growth rate of over 8% in internal R&D expenditure for large-scale industrial SMEs. Specific milestones include reaching 22,000 ‘Little Giant’ enterprises (specialized and sophisticated) and establishing 600 national-level industrial clusters.

To support digital and green transitions, the plan targets high levels of digitalization among specialized SMEs. Furthermore, the government intends to expand financing channels through diverse methods, including credit, equity, and bonds, while establishing long-term mechanisms to prevent the withholding of payments to SMEs. The plan also emphasizes improving service systems and fostering international cooperation through 50 SME cooperation zones.