8/18, 9:27 AM (Source: TeleTrader)
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China to aid digitalization of up to 6,000 small firms

The Chinese government said on Thursday it plans to support the digitalization of between 4,000 and 6,000 small and medium companies in the country over the next three years.

"From 2022 to 2025, the central government plans to support local governments to carry out digital transformation pilots for small and medium-sized enterprises," the Industry and Information Technology Ministry and Finance Ministry noted in a joint statement.

The decision, primarily targeting industries such as car parts manufacturing, tech equipment and pharma, comes following a period of strict COVID-19 lockdowns across China that have significantly impaired the work of smaller enterprises, which are considered a backbone of the country's economy.

Baha Breaking News (BBN) / ND