New batch of little giants in NETDA to champion SME cause
Under the new development pattern of the nation's "dual circulation" economic strategy, the Nantong Economic & Technological Development Area or NETDA – located in Nantong city, in East China's Jiangsu province – is championing the cause of innovative small and medium-sized enterprises, or SMEs.
The term dual circulation refers to the national development strategy – that sees local production, distribution and consumption as the mainstay of the economy, with domestic and international trade reinforcing each other – and the NETDA is reportedly accelerating its development of local enterprises featuring "specialization, refinement, characteristics and origin", according to local media reports on Aug 31.
The development zone recently unveiled the latest batch of 44 'little giant' companies – innovative SMEs. Industry experts said this showed its strong determination to mold such firms into future champions in bottlenecked sectors.
In addition, 21 among them are SMEs featuring "specialization, refinement, characteristics and origins".
According to the Ministry of Industry and Information Technology, the term little giant companies refers to leading SMEs that specialize in niche sectors, command a high market share and boast strong innovative capacity and core technologies.
Local officials said that from May 2021, newly approved little giant companies would enjoy preferential policies issued by the NETDA and be awarded grants of 100,000 yuan ($15,483).
