Increasing numbers of local SMEs ranked as 'outstanding' by MIIT

A total of 50 small and medium-sized enterprises in Qingdao were added to a third batch of national-level outstanding SMEs, accounting for 23 percent of the total in Shandong province, according to a list released by the Ministry of Industry and Information Technology recently.

So far, the number of SMEs in Qingdao listed as outstanding by the ministry reached 97 and ranked eighth in the country, outperforming its peers including Guangzhou in Guangdong province, Hangzhou in Zhejiang province and Nanjing in Jiangsu province, media reported.

Outstanding SMEs refer to businesses that can supply specialized, sophisticated, distinctive and innovative products.

One of the companies on the list is ZTD Technology Industry (Qingdao), a high-tech equipment manufacturer.

The company recently supplied an automated assembly line to South Korean company LG's plant in Vietnam, with a value of 12 million yuan ($1.86 million), said Li Xueqiang, chairman of ZTD.

The assembly line marks a technological breakthrough for the company, featuring an efficiency 1.5 times higher than its previous one, Li said.

The development and production of such assembly lines have contributed to the country's electronic equipment manufacturing industry, which relied on imports in the past.

As a supplier to renowned Chinese manufacturers like Haier and Gree, ZTD has now expanded its markets in regions involved in the Belt and Road Initiative.

As an innovation hub in Qingdao, the West Coast New Area saw its 12 SMEs included on the latest list.

Primanex, a high-tech company engaged in photoelectronic device manufacturing, is one of them.

"We have our self-developed core technology," said Guo Lei, deputy general manager of Primanex.

The company has developed a magneto-optical switch, which can be applied in fields including optical fiber communications and laser radars, Guo said.

"The new area has provided us with a rent exemption and support such as subsidies for research and talent. That helps a lot with the growth of business," Guo said.

Official data show that Qingdao now has 637,000 SMEs. More than 10,000 of them are included in the city's plan for fostering local outstanding SMEs.

"Before 2019, there were only 1,000 outstanding SMEs in Qingdao. But now the number has expanded to more than 5,000, representing a burgeoning development," said Gao Shanwu, head of the Qingdao bureau for private sector development.

"It turns out that a better development environment will constantly produce such qualified businesses," Gao said.

In the next five years, Qingdao will continue to increase support and improve services for innovative businesses. The city aims to have 150 companies added to the national list of outstanding SMEs, according to its plan.

Researchers work at the laboratory of BGI Genomics in Qingdao. AN DIANTANG/FOR CHINA DAILY