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Xinghua city paves way for growth of tech-based SMEs

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etaizhou.gov.cn|Updated: August 14, 2024

Xinghua city in East China's Jiangsu province has accelerated the nurturing of tech-based enterprises through measures such as policy support and optimized business environment.

To cap it off, a group of tech-based small and medium-sized enterprises have grown vigorously.

Kerisom Food Biotechnology, located in the Xinghua Economic Development Zone, recently submitted evaluation materials for official recognition of being a gazelle business enterprise in Jiangsu.

Gazelle enterprises refer to SMEs that have entered a high-growth period supported by technological innovation or business model innovation.

Xu Shuya, general manager of the company, said that the firm's every step forwards in terms of growth was closely related to multiple measures driven by Xinghua's bureau of science and technology.

Last year, 162 Xinghua businesses were recognized as high-tech enterprises, with a pass rate of 75 percent, which is 11.02 percentage points higher than the provincial pass rate.

The city is now home to 369 high-tech enterprises and 717 national technology-based SMEs.

Moreover, Xinghua has allocated R&D expenses for high-tech enterprises and national technology-based SMEs.

It has also released a value-added tax deduction policy for advanced manufacturing enterprises and an income tax reduction policy for high-tech businesses, stimulating the innovation enthusiasm of these firms.

A nurturing mechanism for enterprise growth has also been established in Xinghua, covering levels of startups, tech-based SMEs, high-tech enterprises, gazelle enterprises, unicorn enterprises, to leading innovative companies.

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