The neologism “little giant” was coined in 2018 when the Ministry of Industry and Information Technology (MIIT) of China announced to cultivate in three years about 600 “little giants”, namely SMEs that master key technologies and possess great prospects in innovation, with the hope that they can help make breakthroughs in core industrial sectors.
SIP has been offering local SMEs great support over the past few years to help them grow into “little giants”, and the Plan is expected to propel the formation of a more systematic service and accreditation system for potential “little giants”.
Based on the Plan, SIP will set up a “little giants pool” composed of SMEs meeting a series of conditions such as an annual operating income of RMB 50 million and good credit records.
For enterprises in the “little giants pool”, SIP authorities will provide all-around services to help them improve innovation ability and core competitiveness, and for those accredited “little giants” at city, provincial and national levels, the authorities will grant reward of up to RMB 1 million.
