China strengthens support for SMEs expanding overseas

 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.

 Workers busy for fulfiling overseas orders at a textile company in Zibo, east China's Shandong Province, Feb 5. 2025. /CFP

 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.

 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.