BUSINESS SMEs become a major force in innovation

BUSINESS

SMEs become a major force in innovation

People's Daily Online

14:01, July 05, 2019

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(File photo: VCG)

Small and medium-sized enterprises (SMEs), which account for 99 percent of Chinese companies, hold 65 percent of innovation patents and 75 percent of enterprise innovations, and produce more than 80 percent of new products.

Endeavoring to innovate products to meet market demands, SMEs are now the major force in technological innovation, said Wang Jiangping, vice minister of the Ministry of Industry and Information Technology (MIIT).

The MIIT recently released a list of 248 outstanding SMEs, including PowerVision Technology Company.

The startup's underwater robot, the PowerDolphin, could detect fish in real-time within 40 meters, aiding users to find the right time and place to fish.

Authorities have provided SMEs with a better business and innovation environment. According to statistics, more than 96 percent of the best 248 SMEs are spending an average of 7 percent of their sales income on Research and Development (R&D).

Ma Xianghui, head of the Bureau of SMEs under the MIIT, said the ministry would take practical measures to help SMEs launch more innovative and specialized products.

The ministry will also establish a punitive mechanism for violations of intellectual property to protect the rights of SMEs.

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