Date
24 July 2017
Shandong aims to increase the number of small and medium-scale enterprises in the province to two million by 2020. Photo: Bloomberg
Shandong aims to increase the number of small and medium-scale enterprises in the province to two million by 2020. Photo: Bloomberg

Shandong wants to nurture more startups and SMEs

Local officials across China are gearing up to attract or nurture more small and medium-sized enterprises (SMEs) in the hope that some of them will grow into large corporations and become important job creators as well as major sources of tax revenue.

Shandong is the latest to join the race.

In a recent SME meeting held in Jinan, the provincial capital, Shandong SME bureau chief Wang Zhaochun pledged to provide more assistance to SMEs by setting up hundreds of startup incubation centers and other support platforms, according to a Wen Wei Po report.

In the latest SME policy document, Shandong sets a target of increasing the number of SMEs in the province to two million by 2020.

In the first half of this year, the number of SMEs in the province grew 8.4 percent to 1.53 million. The sector employs nearly six million people and posts a business volume of 3.5 trillion yuan (US$547.3 billion).

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CG

EJ Insight writer

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