Kathmandu— China has issued a comprehensive five-year plan aimed at promoting the high-quality development of small and medium-sized enterprises (SMEs) from 2026 to 2030. The initiative, jointly released by ten government departments including the Ministry of Industry and Information Technology (MIIT), sets ambitious targets for business growth, innovation, and a supportive development environment.

Growth Targets

By 2030, China's SMEs are expected to achieve significant growth in both quality and scale. The plan aims for per capita operating revenue of major SMEs to grow cumulatively by around 15 percent over the five-year period. Additionally, innovation capacity is targeted to increase with an average annual growth rate of internal research and development expenditure by major industrial SMEs exceeding 8 percent.

Supporting Infrastructure

The plan emphasizes improving systems for cultivating high-quality enterprises and providing public services. It calls for strengthening the legal and policy framework to ensure better access to factors of production, such as capital and technology, and a more supportive development environment. The number of cooperation zones for Chinese and foreign SMEs is expected to increase to 50 by 2030.

Challenges and Opportunities

"SMEs face strategic opportunities, as well as risks and challenges, as a new round of sci-tech revolution and industrial transformation gathers pace," said an MIIT official. In response to these circumstances, China plans to step up policy support, strengthen reform and innovation measures, boost SMEs' internal drivers of growth, and reinforce the foundations of the real economy.

(With inputs from Xinhua)

Originally published on abcnews.com.np.