During the ‘two sessions’, emphasis was placed on China’s small and medium enterprises, termed ‘little giants’, particularly through Premier Li Qiang’s focus on innovation. The government aims to elevate manufacturing and stimulate economic growth via these companies, which excel in sectors crucial for technological competition and modernization.

During the recent ‘two sessions’, the prominence of China’s small and medium-sized enterprises (SMEs) has garnered significant attention, particularly through the success of firms like DeepSeek. Premier Li Qiang emphasized the government’s commitment to fostering innovative manufacturing leaders, particularly among SMEs operating in specialized technological niches within the global supply chain.

Start-ups valued at over US$1 billion are referred to as unicorns, while ‘gazelles’ are defined as small enterprises with a minimum 20 percent annual sales growth during their initial four years, a term introduced by economist David Birch in 1987. China aims for its little giants, alongside emerging unicorns and gazelles, to enhance the manufacturing sector’s value, stimulate private sector expansion, and promote further innovation.

Many of these little giants specialize in critical areas such as advanced materials, biotechnology, automation, robotics, and artificial intelligence. These sectors are prioritized by the Chinese government, as they are essential for advancing in technological competition against the United States and for the modernization of China’s traditional industries.

The focus on China’s little giants during the ‘two sessions’ underlines the government’s strategy to advance the domestic manufacturing sector through innovation and specialized technologies. By supporting SMEs and encouraging growth among unicorns and gazelles, China seeks to enhance its position in the global market, drive advancements in critical industries, and ensure sustainable economic development.

Original Source: www.scmp.com

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