MERICS：2023加速状态中国如何培育小巨人企业（英文版）（24页）.pdf

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1、ACCELERATOR STATEHow China fosters Little Giant companiesAlexander Brown,Franois Chimits,Gregor SebastianMERICS REPORT|2MERICS REPORT|August 3,2023KEY FINDINGS High-tech small and medium-sized enterprises(SMEs)have emerged as key new players in Chinas industrial policy:They have the potential to spe

2、cialize in niche markets,develop domestic alternatives to foreign inputs and reinforce Chinas industrial chain.Beijing has established a comprehensive support system for these firms,as origi-nally outlined in the Made in China 2025 strategy.The emergence of an“accelerator state”in China marks a dram

3、atic extension of the industrial focus of Chinese policymakers towards smaller companies:Previous industrial policy primarily directed resources to larger firms to achieve strategic goals.Smaller firms are now seen as valuable sources of innovation.Beijings tiered-cultivation system combines state g

4、uidance with market forces:China has developed a dynamic multi-level evaluation and support system,active at the local,provincial and national levels,to first identify specialized high-tech SMEs and then fast-track their growth.Government-certified high-tech SMEs are labeled as“Specialized SMEs”or“L

5、ittle Giants”:They benefit from a comprehensive system of direct and indirect state support.But these firms cannot rest on their laurels as the system is set up to promote competition and after three years the government support has to be earned once again.Officials are channeling ever more finance

6、towards high-tech companies:Beijing has mobilized public financial institutions and is pushing private investors to direct cap-ital towards government-certified start-ups and SMEs,worth tens of billions of yuan.The government has increased loan financing through the banking system and expanded acces