China strengthens support for SMEs expanding overseas

China's Ministry of Industry and Information Technology (MIIT) announced new measures in early February to support small and medium-sized enterprises (SME) to expand globally, focusing on policy support, market access, talent development, and management enhancement. 

It also urged banks to offer tailored cross-border financing for SMEs, strengthen overseas support, and enhance financial risk management to secure a footing for their global expansion.

The 2025 Enterprise Global Expansion Program, launched by the MIIT and its Center for International Economic and Technological Cooperation, also announced on February 8 that it will facilitate international cooperation and help manufacturing firms integrate into global supply chains. A series of industry-focused matchmaking events will be held in Russia, Central Asia, ASEAN, Japan, and South Korea from February to April this year, promoting direct engagement with local governments and business organizations.

The program will also support SMEs through collaboration with governments, industries, academia, and research institutions, and provide customs, logistics, and public services resources. One industrial cooperation event set for late February will aim to enhance business ties between China and the United Arab Emirates.

MIIT officials said that industrial cooperation has strengthened technology sharing, optimized resource allocation, and driven economic growth. For example, in recent years, China has fully liberalized foreign investment in manufacturing, expanded telecom sector access, and launched pilot programs in Beijing, Shanghai, Hainan, and Shenzhen for foreign telecom service providers.

In 2024, China signed 28 cooperation agreements with 24 countries and regions, including ASEAN, Germany, Italy, and Brazil, fostering industrial development, as well as information and communication technology and SME cooperation. Fifteen Chinese-foreign SME cooperation zones have been established in Guangdong, Jiangsu, and Zhejiang provinces.

According to China's National Bureau of Statistics, the country's total trade volume reached 43.85 trillion yuan ($6.13 trillion) in 2024, up 5.0 percent from the previous year, with exports rising 7.1 percent to 25.45 trillion yuan and imports increasing 2.3 percent to 18.39 trillion yuan. The global expansion program will boost competitiveness of the SMEs and further integrate them into global markets.

(Cover via CFP)