Shenzhen leads China as champion in SMEs

China's tech-hub Shenzhen emerged as the undisputed champion in number of newly added specialized and sophisticated SMEs, the latest evaluation by Ministry of Industry and Information Technology showed.

According to the assessment, which is also known as the evaluation of the fifth group of specialized and sophisticated "little giant" companies, Shenzhen topped the list with an increase of 310 companies, surpassing all the other cities in the country.

The increase also brought the total number of such enterprises in Shenzhen to 752, making the city a leading partner and an excelling player in niche markets.

After the assessment, China now has a total of more than 8997 national-level "little giants", with 3,617 of them having been added in the fifth assessment. Among which, Jiangsu province got an increase of 795, Guangdong got 658 and Zhejiang got 384.

In comparison with other strong holders of "little giant" enterprises, Shenzhen's growth surpassed Beijing (243 companies), Suzhou (230 companies) and Shanghai (206 companies), securing its position as the national leader and almost reaching the same number as the entire province of Zhejiang.

As a result of pursuing high-quality development, the government of Shenzhen has placed priority in developing specialized and sophisticated SMEs. In an opinion piece from Shenzhen Special Zone Daily, the newspaper said "the nationwide competition for specialized and sophisticated little giant firms is essentially a battle for manufacturing industries and industrial dominance. This is crucial for achieving high-quality economic and social development in various regions".

Data from Qizhidao, a big data analyzer, showed that over 25% of 276 companies selected in the fourth group of national-level "little giant" enterprises in Shenzhen belonged to the highly innovative electronic equipment manufacturing industry.

Li Zibin, president of the China Association of Small and Medium Enterprises told China Daily that specialized and sophisticated SMEs that produce novel and unique products are becoming the cradle of new industries, new business forms and new models, and promoting China's manufacturing industry toward higher-end, more intelligent and greener development.

Under the initiative, the city of Shenzhen has consistently strengthened its support in cultivating specialized and sophisticated enterprises in recent years. Local policies such as the "List of Practical Measures for Assisting Specialized and Sophisticated SMEs" and the "Implementation Rules for the Graded Cultivation of High-Quality SMEs in Shenzhen" has been such efforts.

Shenzhen's 2021 "Specialized and Sophisticated Enterprise Service Implementation Plan," said the city aims to have over 600 national-level "little giant" firms, more than 10,000 municipal-level specialized and sophisticated enterprises, and 2,000 provincial-level enterprises by 2025.

Chen Keqi contributed to this story.