The Ministry of Industry and Information Technology recently released the Plan for Enhancing SMEs Development (2016-2020), specifying the guiding thinking which centers on improving the entrepreneurship and innovation capability, facilitating the supply-side structural reform, optimizing development environment and enhancing development of small- and medium-sized enterprises (SMEs). The document is of profound guiding significance for enhancing development of SMEs in a sustainable and sound way.

 

The Plan sets forth the main tasks from five aspects, namely promoting entrepreneurship, improving innovation capability, transformation and upgrade, expanding domestic and international markets and functional transfer, and six key projects and special programs centering on enhancing SMEs’ entrepreneurship and innovation capability, namely “Internet +” micro- and small-sized enterprises program, “professional, selected, special and novel” SME fostering program, service capability construction project, industrial cluster development capability improvement project, SME management capability improvement project, and SME internationalization enhancement program. 

 

The Plan sets forth that efforts will be made to strengthen the guarantee measures from five aspects, namely strengthening organization and leadership, increasing fiscal support, enhancing financing guarantee and reinforcing operation supervision, and highlights guarantee efforts from financial and taxation, financing and service to enhance development of SMEs.

 

Source: Translated from Invest Guangzhou, July 6, 2016