ANNOUNCEMENT 05 Aug 2019
August 5th, 2019 - The Chinese government announced a new plan to boost certain SMEs.
NUMBER OF INTERVENTIONS
PRC Ministry of Science and Technology, August 5th, 2019. (国科发区〔2019〕268号 科技部印发《关于新时期支持科技型中小企业加快创新发展的若干政策措施》的通知)
On August 5th, 2019, the Chinese Ministry of Science and Technology released Guoke Faqu 2019/268 (hereafter, 'Announcement'), which contained a plan dubbed 'Several policies to support SMEs for a new era of accelerated innovation and development'.
The plan promises 'increased financial support' for eligible firms, both through existing policies and the implementation of new financing channels. The Announcement also promises preferential tax policies and even more generous R&D-related expense deductions (see related act for information on the existing policy relating to this). Also, the Announcement promises state pushes for expanded venture capital and corporate financing for targeted firms.
In terms of what kind of firms are to be targeted by the policies mentioned in the Announcement, it is stated that 'technology-based SMEs' are to be prioritised. Other than this, no information on sectoral targeting is provided.