A worker makes electronic firework equipment at Showven, a leading manufacturer and supplier of high-end stage special effects products and solutions, in Liuyang City, central China's Hunan Province, April 9, 2024. [Photo/Xinhua]

China will step up support for its "little giant" firms, as part of efforts to promote new industrialization and improve the modern industrial system in the country, the Ministry of Finance (MOF) said Wednesday.

Central fiscal funds will be earmarked to boost the development of "little giant" firms, with over 1,000 enterprises expected to receive support this year, according to the MOF.

"Little giants" refer to the novel elites of China's small and medium-sized enterprises that are engaged in manufacturing, specialize in a niche market and boast cutting-edge technologies.

China will scale up support for "little giants" during the 2024-2026 period, with a focus on key industrial chains, strategic emerging industries and other sectors, according to a circular jointly issued by the MOF and the Ministry of Industry and Information Technology.

These funds will be used to encourage these firms to tackle technological challenges, develop new products, build up the supporting capacities of the industrial chain, and support local governments in nurturing "little giants," the MOF said.

China plans to cultivate 10,000 "little giants" during the 14th Five-Year Plan period (2021-2025). Official data showed that the country has incubated 12,000 "little giants."

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