How can the government help SMEs transform and upgrade technological innovation after the two sessions?

On March 29th, the 4th Ziguangge Forum took place in Beijing. Zheng Hao, Director of the SME Department at the Ministry of Industry and Information Technology, attended the event and engaged in discussions with business leaders on the challenges and opportunities related to enterprise transformation and technological innovation. During the seminar, Director Zheng emphasized that small and medium-sized enterprises (SMEs) are now the largest group within China's business landscape, playing a vital role in driving economic growth, fostering innovation, contributing to tax revenues, and creating employment opportunities. According to data from the "56789" statistics, SMEs hold a significant position in the national economy. They account for about 50% of total tax revenue, contribute over 60% of the country’s economic output, and have generated more than 70% of new products and 65% of technological innovations. Additionally, they provide employment for approximately 81% to 83% of the workforce. With SMEs making up 99.7% of all enterprises in China, their impact is undeniable. Director Zheng also outlined the government’s policies and regulations aimed at supporting SMEs. Since 2003, four key documents have been issued to promote the development of SMEs, marking a shift toward a more legal and structured approach. The introduction of Document No. 3 in 2005 had a major impact, focusing on improving fair access for SMEs. In 2009, the State Council released Document No. 29, followed by the National No. 14 document in 2012, which placed greater emphasis on the development of micro and small businesses. When addressing the current challenges faced by SMEs, Director Zheng pointed out that while the domestic economy remains stable and most provinces maintain a growth rate of 7-8%, many companies have encountered difficulties since the second half of 2011. Rising production costs, especially labor and raw material expenses, have made it increasingly difficult for businesses to sustain operations. Additionally, heavy tax burdens and outdated regulations have become obstacles to growth. Many of these rules no longer align with the pace of societal and economic development, hindering progress. Another key issue is the weak innovation capabilities of SMEs, which make it hard for them to adapt to market changes and consumer demands, leading to stagnation. Moreover, the global economic downturn has affected foreign-invested SMEs, causing many to struggle despite having survived previous financial crises. As such, the need for enterprise transformation and technological upgrading has never been more urgent, requiring stronger support from government agencies. In conclusion, the SME Department is focused on understanding the current situation, offering policy recommendations, and implementing effective solutions. In 2012, the Ministry of Industry and Information Technology launched a year dedicated to serving SMEs, covering areas like innovation, financing, and IT support. In 2013, the State Council issued a notice outlining 75 specific measures to further support the healthy development of SMEs, including fiscal and tax relief, improved access to financing, innovation promotion, and enhanced public services. Ultimately, the government must create a favorable environment for businesses, while enterprises themselves must actively innovate and transform to keep up with market dynamics. With continued support and effort, the development of SMEs will lead to better living standards for ordinary people.

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