On June 19th, the Ministry of Finance and the Ministry of Industry and Information Technology issued a notice on further supporting the high-quality development of specialized, refined, and new small and medium-sized enterprises (hereinafter referred to as the "notice"), which will further support the high-quality development of specialized, refined, and new small and medium-sized enterprises through central government funds, providing strong support for accelerating the promotion of new industrialization, developing new quality productivity, and improving modern industrial systems.
The Notice proposes that from 2024 to 2026, we will focus on key industrial chains, the "six bases" of industry, as well as strategic emerging industries and future industrial fields. Through a comprehensive fiscal incentive system, we will support the high-quality development of specialized, refined, and innovative "Little Giant" enterprises (hereinafter referred to as "Little Giant" enterprises) in three batches. In 2024, the first batch will support more than 1000 "little giant" enterprises, and the scope of support will be further expanded in future years based on implementation.
Regarding the specific support content, the Notice clearly states that through the guidance and drive of central financial funds, we will deepen the linkage between the upper and lower levels, the coordination between the central and local governments, enhance policy effectiveness, cultivate systematicity and service accuracy, enhance the role of specialized, refined, and new small and medium-sized enterprises in supplementing and strengthening the supply chain, and enhance the ability to match the industrial chain. The central government funds will support key industrial chains, the "six bases" of industry, as well as "little giant" enterprises in strategic emerging industries and future industrial fields to create new momentum, tackle new technologies, and develop new products (i.e. "three new"), and strengthen the supporting capacity of the industrial chain (i.e. "one strong"). At the same time, support local governments to increase their empowerment in cultivating specialized, refined, and innovative small and medium-sized enterprises.
The notice also mentioned that the applying enterprise must be a "little giant" enterprise within the validity period, and has not publicly issued stocks on the Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, or overseas, and must propose a "three new" and "one strong" promotion plan. We will no longer provide repeated support to "little giant" enterprises that have received support in the previous round of financial support for high-quality development of specialized, refined, and new small and medium-sized enterprises.
It is reported that the Ministry of Finance and the Ministry of Industry and Information Technology will allocate the number of industrial small and medium-sized enterprises and "little giant" enterprises above designated size in each province, combined with the cultivation performance of specialized, refined, and new small and medium-sized enterprises in each province, and comprehensively consider regional development foundation differences, in order to coordinate and support the allocation of quotas for "small giant" enterprises. The new round of specialized, refined, and innovative small and medium-sized enterprise incentive policies plan to continue the previous incentive standards, which are calculated based on the total amount of 6 million yuan per enterprise for each enterprise's continuous support for 3 years, and the amount of incentive for local governments.
