The Ministry of Industry and Information Technology together with multiple competent authorities has released the Development Plan for Small‑and‑Medium‑sized Enterprises during the 15th Five‑Year Plan Period. It sets a target of roughly 15 % cumulative growth in per‑capita operating revenue for above‑designated‑size SMEs by 2030. Policies encourage vigorous venture‑capital development and launch Phase‑II National SME Development Fund, guiding social capital toward early‑stage, small‑sized, long‑term‑oriented and hard‑tech‑focused investments. Moving beyond simple relief‑oriented subsidies, the plan prioritizes fostering corporate innovation capacity and builds comprehensive support systems covering financing, computing‑power supply, intellectual‑property‑rights protection and market‑expansion services.
On financing front, besides conventional credit support, venture‑capital guidance gets strengthened. Phase‑II fund will prioritize tech‑oriented SMEs in seed‑and‑growth phases, focusing on high‑end equipment, advanced‑materials, industrial‑software and AI‑application tracks to leverage social capital for larger investment scale. Multi‑level capital‑market supporting mechanisms are improved to connect high‑quality SMEs with Beijing Stock Exchange and STAR Market, expanding direct‑financing channels.
Inclusive computing‑power supply stands out as a newly‑highlighted direction. Policies push forward affordable public computing‑power resources to cut AI‑computing costs for SMEs and support their participation in AI open‑source projects, lowering barriers for intelligent‑transformation among small‑manufacturers. Meanwhile, IPR protection and public‑tech‑service platforms are constructed to ease SMEs’ shortage of R&D resources.
Industry analysts note that China hosts enormous numbers of SMEs, yet numerous tech start‑ups encounter financing obstacles and early‑stage‑valuation difficulties. Government‑guided funds can make up gaps within market‑oriented VC ecosystem. Nevertheless, risks exist that guided funds may crowd into mature projects instead of real early‑stage firms. Market participants will track paid‑in capital progress of Phase‑II fund, equity‑financing cases for tech‑SMEs and enterprise adoption volume of inclusive computing‑power services.
