A workshop of Zhejiang Jinghong Precise Engineering Manufacture Co, which has recently been conferred the title of "little giant". [Photo/zj.zjol.com.cn]

A total of 308 Zhejiang-based manufacturers were recently included by the Ministry of Industry and Information Technology on the third list of "little giant" enterprises in China.

The number of Zhejiang entrants is the highest among all Chinese provinces.

"Little giants" refers to small and medium-sized companies featuring outstanding innovation abilities, cutting-edge core technologies, and a considerable market share for niche products.

So far, a total of 470 Zhejiang-based companies have been named "little giants", the highest figure among all Chinese provinces. Most of these companies are focused on key industrial sectors where made-in-China products were once outperformed by foreign competitors.

Over the past two years, the 470 companies' combined R&D expenses accounted for 4.9 percent of their total operating revenue. And they obtained a total of 6,460 effective invention patents and 1,299 quality management system (QMS) certificates during this period.

In 2020, the 470 companies' average operating revenue rose 22.42 percent year-on-year. Above-20-percent growth rate in operating revenue was seen in 181 of the companies.

In addition, a total of 84 Zhejiang-based "little giants" have become qualified recipients of prioritized funding from the central government.

According to an official from the Zhejiang Provincial Department of Economy and Information Technology, Zhejiang authorities plan to continuously improve the business environment for SMEs and establish a mechanism for regular contacts between "little giants" and their local government officials. They will also ensure that the most promising SMEs have access to provincial-level government funding.