China releases a five-year strategy to support the growth of SMEs.

China has released a plan that outlines goals for business growth, innovation, and the development environment in order to support the high-quality development of small and medium-sized enterprises (SMEs) between 2026 and 2030.

According to the plan, which was jointly released by ten government departments, including the Ministry of Industry and Information Technology (MIIT), China’s SMEs are expected to grow in both quality and scale by 2030, with major SMEs’ per capita operating revenue showing cumulative growth of about 15% over the five-year period.

According to the plan, SMEs have a significant role in fostering innovation, generating employment, and enhancing people’s quality of life.

It calls for efforts to improve systems for cultivating high-quality enterprises and providing public services, strengthen the legal and policy framework, and ensure better access to factors of production and a more supportive development environment.

SMEs contribute roughly 70 percent of China’s technological innovation, 60 percent of its gross domestic product, and 80 percent of its urban employment, according to an OECD report on SME financing.

This year’s government work report also pledged stronger support for SMEs undergoing digital and intelligent transformation.

China made notable progress in SME development during the 14th Five-Year Plan period (2021-2025), with more than 63 million SMEs operating nationwide by the end of 2025, accounting for over 95 percent of all business entities.

Read more: China unveils five-year plan to promote SME development – Chinadaily.com.cn