Abstract
China is currently promoting institutional change and restructuring to maintain and even accelerate its current level of economic progress, despite the fact that the globe as a whole is experiencing economic difficulties. China is putting in more efforts to innovate in response to the growing importance of innovation. Transform from a factory that creates low-quality items into a factory that creates trimming goods that are distributed all over the globe. With a diverse selection of specialized initiatives and programs, both the state and federal governments, as well as the regional governments, have made significant investments to foster creative regional and statewide development. The emphasis of these positive policy efforts has been on China's small and medium-sized companies (SMEs), which account for the vast majority of the country's firms and constitute the country's industrial base's central focus. The SME sector is increasingly driving China's economy. Historically, people have perceived small and medium-sized firms (SMEs) as low-tech and resource-intensive manufacturers. The expansion of innovative small and medium-sized enterprises (SMEs) throughout China's manufacturing industries is driving the transformation of the country's innovation system, resulting in a substantial shift in market structures and links. This is causing significant alterations to market structures and relationships.
Published Version
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