Guiyang boosts specialized, innovative firms to spur growth

Guiyang is vigorously expanding the ranks of its specialized, innovative companies in order to spur the growth of its economy.

It's been rolling out customized financial services, facilitating the stock exchange listings of local companies and refining its risk compensation measures.

That's all in a bid to support the expansion of what has been described as "specialized, refined, characteristic and innovative" business enterprises.

The efforts aim to create a much more favorable ecosystem, boosting the competitiveness and innovation of the firms.

Though small in size, the businesses hold significant positions in their niche markets due to their independent innovation capabilities and core competitiveness.

They are said to be indispensable in the industry supply chain and are crucial for modernizing supply chains.

Recognizing that, Guiyang has introduced specific measures to cultivate them, focusing on seven major industrial sectors and following a strategy of "reserving, nurturing, and enhancing".

A dedicated cultivation database for the enterprises has been established, leveraging various policies to provide optimal growth conditions.

To address the individual challenges being faced by the business enterprises, such as their small scale and limited risk resilience, Guiyang emphasizes top-level design and policy support.

Financial services are being repurposed to focus on future potential, technology and teams rather than on past performance and assets.

Additionally, collaborations with venture capital and private equity firms are being encouraged to streamline the capital-raising process from initial funding to a share market listing, fostering the better integration of technology and innovation capital.

For their part, the enterprises are playing a core role in driving innovation, employment and economic improvements.

Overall, with the comprehensive efforts and investment being poured into these business enterprises, Guiyang aims to cultivate more "little giant" companies and industry champions – elite, niche, specialized, small and high-potential firms.