The China Small and Medium-sized Enterprise (SME) Development Promotion Center recently released the 2022 Annual Assessment Report on the Development Environment for SMEs. According to the report, Changsha ranked 9th nationwide in terms of the development environment for SMEs.

A total of 36 sample cities were selected, including 4 municipalities, 5 cities specifically designated in the state plan, and 27 provincial capital cities. The top 10 cities were Shenzhen, Shanghai, Nanjing, Guangzhou, Beijing, Hangzhou, Xiamen, Ningbo, Changsha and Qingdao.

The assessment was based on five first-level indicators -- market environment, legal environment, financing environment, innovation environment and policy environment. Changsha ranked among the top 10 in the evaluation of legal environment, financing environment and policy environment, ranking 7th, 9th and 8th respectively.

SMEs are ably supported in developing themselves into "little giants", or specialized and sophisticated SMEs that produce novel and unique products. The 36 sample cities have fostered more than 20,000 provincial-level "little giants". Their total number of national-level "little giants" has grown from 905 in 2020 to 4,572, accounting for half of the country's total. Among them, Changsha and other four cities saw a significant increase in this regard. "Little giants", with a focus on their main business and elaborate efforts, play an important role in improving the stability of industrial and supply chains and boosting economic and social development.

Local governments in various places have created a favorable environment for the development of SMEs and increased support for them. For example, in terms of financial support, Changsha included a special fund for the development of SMEs in the budget of the local finance department or competent departments of SMEs, and also established a new SME development fund. The efforts help strengthen the confidence of enterprises in development.

Source: en.changsha.gov.cn