Promoting innovation in SMEs

On September 8, the National Conference on SME Development and Innovation opened in Nanjing.

Jiangsu is a large manufacturing province, cultivating small and medium-sized enterprises to take the lead in the forefront of the country, there are 138 professional industry ranked first in the country, 1998 provincial recognized enterprises.

Jiangsu is committed to innovation-driven growth to enhance its competitive advantage. Data shows that the average R&D intensity of SMEs is over 8.5%, and 343 SMEs are leading the market in their main products.

In strengthening the supply chain and industrial chain, 80% of professional SMEs come from strategic emerging industries and advanced manufacturing clusters. Jiangsu is also the province with the highest number of SMEs breaking through the gap among provincial-level regions nationwide.

The province has taken measures to promote the development of SMEs, including funding 1.24 billion yuan to finance 3,630 business incubation projects. Last year, Jiangsu provided 668.5 billion yuan of credit support to professional SMEs.

By the end of “14”, Jiangsu innovative SMEs will reach 20,000, provincial professional SMEs will reach 5,000, national innovative SMEs will reach 1,500, and national market leading enterprises will reach 200.

The participants also pointed out that efforts should be made to improve the government-oriented and market-driven all-round service system to create a favorable development environment for SMEs.