The Ministry of Industry and Information Technology recently announced support for the high quality development of "little giant" enterprises. It will effectively cultivate around 10,000 such enterprises in the next three to five years and help them transform into leading enterprises.

Little giant enterprises refer to outstanding high-tech small and medium-sized enterprises with high growth potential, advanced technology and strong market competitive edge.

Those are largely concentrated in the fields of new generation information, high-end equipment manufacturing, new materials and medicines.

The ministry pays great attention to cultivating and supporting little giant enterprises. In 2018, it launched a special project with the aim of cultivating 600 little giant enterprises by the end of 2020. The number rose to 2,000 this July.

In the future, the ministry will coordinate with other central authorities such as the State Taxation Administration and the Ministry of Finance to come up with more preferential policies in terms of finance, taxation and business environment, to further boost the development of the little giant enterprises.

Besides cutting taxes and reducing administrative fees, the ministry vows to encourage and promote social capital investment in little giant enterprises, launching special management training for the enterprises, and establishing special platforms for their brand promotion.

Cultivation of little giant enterprises is of great significance to not only the enterprises themselves but also society. SMEs are the main players in China's socialist marketing economy, and play a key role in driving economic growth and creating jobs.

Moreover, the little giant enterprises, which are mainly concentrated in the key industries involving high-end advanced technologies, are crucial for high quality development of China's economy.

SMEs always face many difficulties when it comes to finance, production and operation, which impede their rapid development.

It is good to see the central authorities providing special support for these enterprises, which will further benefit the country's high quality development.