Top Yangquan SMEs wins provincial recognition
A total of seven small and medium-sized enterprises based in Yangquan city -- located in the east of Shanxi province -- were recently included on a list of the 2019 Shanxi Zhuanjingtexin SMEs, according to local officials.
The word zhuanjintexin is Chinese for specialization, refinement and innovation.
The seven companies are engaged in producing mining machinery, house appliance manufacturing, machinery, environmental protection technology and in the agriculture sector.
Zhuanjingtexin SMEs are known for a number of characteristics, officials said.
These include their specialization in development strategy, refinement of management and production and specialization in products or services.
Other characteristics are their innovation in technology or their business model and their ability to lead the way in the direction of development of their industries through products, technologies, business operations status and business methods.
The selection criteria for Shanxi province's Zhuanjingtexin SMEs in 2019 are that they had operating revenue of over 5 million yuan ($711,772) last year, year-on-year growth of main business revenue of not less than 15 percent, or average growth of main business revenue of not less than 10 percent over the last two years.
In addition, these companies should have high standard management, a good reputation, strong social responsibility and promising development prospects.
The recognized SMEs will receive corresponding bonuses and get subsidies when participating in expos for SMEs, SME technology exchanges and exhibitions -- and enjoy priority services in policies, expert and regulations, officials added.
Yangquan city has been promoting development of Zhuanjingtexin SMEs through support in capital, technology and talent in recent years, so as to advance the innovative and high-quality growth of local SMEs. To date, the city has had 25 companies recognized as provincial Zhuanjingtexin SMEs.
Officials said the city will next further cultivate Zhuanjingtexin SMEs.
Yangquan will help serve SMEs with their funding, financing, technological transformation, brand identification, market development and management improvement.
The city would guide them to focus on their main business and to attach importance to research and development, according to the director of the Yangquan SME bureau.