Shanghai Takes New Steps to Support SMEs
Miao Qi
DATE:  May 18 2023
/ SOURCE:  Yicai
Shanghai Takes New Steps to Support SMEs Shanghai Takes New Steps to Support SMEs

(Yicai Global) May 18 -- Shanghai issued 28 measures yesterday to promote the innovative, transitional, and integrated development of small and medium-sized enterprises through financial empowerment, bailout support, and targeted services.

To help the digital transformation of SMEs, Shanghai will distribute artificial intelligence coupons to those renting local intelligent computing facilities. This year, the city plans to cultivate at least 300 SME data companies, support 250,000 SMEs to use online platforms and cloud services, and promote the use of online meeting platforms, industrial software, and other digital solutions and products among small and mid-sized firms.

The industrial output of Shanghai’s SMEs above a designated size exceeded CNY2 trillion (USD285.6 billion) last year, accounting for nearly half of the city’s total, said Wu Jincheng, director of its economy and informatization commission.

The new policy support targets all micro, small, and medium-sized businesses regardless of their ownership system and structure, according to Rong Zhiqin, the commission’s deputy head.

Shanghai will halve to CNY10 million (USD1.4 million) the investment level SMEs’ projects need to reach to receive government support for tech upgrades and boost the quota for SMEs in municipal government procurement to over 40 percent until the end of this year.

To meet the financing needs of SMEs, the new policy proposes that by the end of this year outstanding inclusive loans are expected to reach CNY1.1 trillion, and investment in seamless loan renewals will likely top CNY1.2 trillion, supporting the restructuring, listing, and equity financing of SMEs.

Editor: Futura Costaglione

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Keywords:   Shanghai,SMEs