(CFP Photo)

Jiangsu provincial government has introduced a 3-year action plan to nurture specialized enterprises that produce new and unique products.

From 2023 to 2025, the province aims to grow 300 single-product champion enterprises in the manufacturing industry, 1,500 "little giant companies" - competitive small and medium-sized enterprises or SMEs - and 50,000 innovation-driven firms.

Jiangsu has more than 4 million SMEs and more than 700,000 industrial SMEs, but only a limited number became specialized in the markets. In response, the action plan pledges to enhance policy support, strengthen talent attraction and training, and create a good business environment.

Shi Xiaopeng, deputy director of the province's Department of Industry and Information Technology, said the plan has proposed specific measures to address concerns of enterprises found in previous surveys, such as the difficulty to connect to academic resources for cooperation, higher cost of raw materials, and uncertainties in industrial and supply chains.

Efforts will be made to cultivate high-quality R&D centers at enterprises, support technological breakthroughs, and expand financing channels, according to Liu Bo, deputy director of the province's Science and Technology Department.

Among the measures, Jiangsu will also streamline project approval process and further improve efficiency.

Besides, Jiangsu will enhance public spending to support the initiative and encourage diversified financing ways such as equity investment, so as to boost the rapid growth of SMEs.