China to foster more 'little giant' firms to boost innovation

China is moving to incubate its fifth batch of "little giant" firms to boost innovation and provide stronger support for the real economy.

The "little giant" firms represent the novel elites of small and medium-sized enterprises that specialize in a niche market, boast cutting-edge technologies, and show great potential.

The Ministry of Industry and Information Technology will publish a list of this batch of firms after experts review the recommendations submitted by regional authorities, according to a notice released by the ministry.

Efforts will be made to create a better development environment and enhance services for these specialized and innovative firms, the ministry said.

The country will strive to ensure the number of the "little giant" firms exceeds 10,000 by the end of 2023, according to the ministry.