During a press conference held on the morning of October 14, officials from various Chinese government agencies, including the State Administration for Market Regulation (SAMR), the Ministry of Industry and Information Technology (MIIT), the Ministry of Justice, and the National Financial Regulatory Administration, elaborated on specific policies aimed at supporting businesses. SAMR announced plans to implement the “Guiding Opinions on Establishing a People-Centric Regulatory Approach and Promoting Service-Oriented Law Enforcement,” along with the “Standards for Market Regulation Law Enforcement.” These initiatives are intended to refine regulatory practices.
SAMR officials detailed efforts to improve the administrative penalty guidelines for market regulation, enhance cross-regional consistency in administrative enforcement standards, and establish a system of guiding cases to unify enforcement measures.
Luo Wen, the head of SAMR, stated, “For minor violations, we will either forgo penalties or impose lighter ones according to the law. However, for actions that threaten public health, safety, or moral standards, or that cause significant social harm, we will enforce strict penalties as per the law.”
The agency also emphasized its commitment to refining enforcement methods that reflect an empathetic approach while regulating daily activities without unnecessary disruption.
In addressing complaints about illegal business charges, SAMR confirmed it would intensify oversight and enforcement regarding improper fees imposed on businesses to ease their financial burdens. Luo Wen noted that inspections would focus on financial institutions and utility providers to address issues such as duplicate and coercive charging practices. Additionally, SAMR will publish comprehensive lists of fees associated with businesses, ensuring transparency by prohibiting charges not specified in these lists.
The ministry will also work to raise the costs associated with illegal charging and strengthen the legal framework governing such practices, fostering a sustainable regulatory environment.
Turning to the MIIT’s objectives, officials highlighted measures aimed at nurturing specialized and innovative small and medium-sized enterprises (SMEs). Experts were consulted to clarify how these initiatives would be developed and implemented.
MIIT representatives announced a comprehensive mechanism to promote the growth of specialized SMEs by focusing on four key areas: technological innovation, digital transformation, financial support, and service assurance. They intend to enhance the entire lifecycle of business development by fostering innovation and improving quality.
Innovative support for SMEs will include prioritizing assistance for “little giants” in participating in key product and technology initiatives, as well as promoting patent commercialization to bolster their growth. Moreover, “little giants” will receive resources such as the establishment of postdoctoral research stations and the ability to recommend high-level talent.
MIIT officials also indicated that they would introduce a series of initiatives aimed at resolving ongoing challenges SMEs face regarding access to financing, addressing issues that have been persistent for them.
As the year comes to a close, MIIT aims to roll out additional measures to stimulate consumer spending and bolster domestic demand, seeking to aid businesses in expanding their markets and invigorating economic activity.
Focusing on investment-driven growth, MIIT plans to facilitate technological upgrades and equipment renewal, prioritizing projects that support long-term special government bonds. They are also conceptualizing the launch of new pilot projects for manufacturing technology transformations aimed at 2025.
Guan Bing, the director of the Industrial Economy Research Institute at the CCID Research Institute under MIIT, remarked that investments drive economic growth. The ministry’s efforts to implement large-scale technological upgrades will combine existing resources with new ones, enhancing efficiency and expanding capacity, all of which will contribute to sustained industrial investment growth.
Additionally, MIIT has announced various measures to boost consumption, such as encouraging the replacement of old consumer goods, promoting electric vehicles, and initiating the establishment of a network for high-quality consumer products nationwide.
Guan emphasized, “Enhancing domestic demand is crucial for stabilizing and revitalizing the economy. It’s not just about expanding consumption but also about upgrading consumption quality. We must continue efforts to boost consumer confidence, increase disposable income, and address post-consumption concerns.”
Experts recognized that the increase in business orders is not solely based on market demand; it can also be stimulated by expanding investment requirements and exploring new market opportunities. The series of measures proposed by MIIT underscores the government’s strong commitment to enhancing domestic demand and optimizing supply-demand balance.
Finally, MIIT officials revealed plans to establish a nationwide, coordinated system aimed at nurturing unicorn companies. The government will encourage unicorns to engage in technological innovation tailored to national strategic needs, enhance financial support for these firms, and facilitate their integration into global innovation networks.
Experts noted that unicorn companies symbolize the direction of new industrialization and advanced productivity, and the new policies are poised to help more SMEs evolve into unicorns.
Zhang Zhongyong, the director of the SME Research Center at the China Academy of Information and Communications Technology, emphasized the importance of creating a supportive entrepreneurial environment, enhancing financial accessibility, and attracting top-tier global talent to foster a comprehensive, standardized, and well-connected enterprise development system. This approach aims to promote a synergistic relationship between technology, industry, and finance.
