China unveils plans to cultivate 3,000 national ‘little giant’ firms

July 25, 2022 |

China plans to cultivate around 3,000 national-level "little giant" firms to push provinces to set up about 50,000 small- and medium-sized enterprises that feature specialization, refinement, uniqueness and innovation in 2022.

Currently, more and more industrial funds and venture capital jointly enable more scientific and technological enterprises and emerging industries to feature specialization, refinement, uniqueness and innovation.

The advanced materials industry fund, with a total scale of 2 billion yuan (US$296 million), which was settled in Taopu in early 2022, is a cooperation between Taopu Smart City and Shanghai Lingang Group. It is jointly supported by national funds, central enterprise industrial group and the Putuo District guidance fund.

The fund is used for the research and development breakthroughs in advanced materials, the upgrading of equipment, the application of technology scenarios, and the transformation and empowerment of traditional industries. It promotes the introduction and cultivation of leading and cutting-edge projects, and aims to build an industry finance integration system with collaborative empowerment of resources such as policy support, scenario application and talent introduction.

The pattern of "sci-tech plus capital" led to the launch of the China-Israel Innovation Hub in 2019. EHealth incubator, jointly established by eHealth ventures, a well-known venture capital in Israel, and Shanghai Creation Investment; Israel's StartupEast; and Trendlines were the first batch of enterprises to settle in the hub. They focus on driving joint innovation, R&D transformation and entrepreneurship incubation between China and Israel.

This year, the Top Incubator in Taopu Smart City welcomed five entrepreneurial teams. Taopu Smart City aims to create a high-quality business environment and increase the number of enterprises that feature specialization, refinement, uniqueness and innovation.

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