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Jiaxing in East China's Zhejiang province ranked 21st on the list of the top 50 cities in terms of the number of national "little giant" enterprises, according to the Jiaxing municipal bureau of economy and information technology.

The city is currently home to 104 "little giant" enterprises, which refer to outstanding small and medium-sized enterprises that have excellent innovation capabilities, large market shares, core technologies and high product quality and profitability.

To be recognized as a "little giant" enterprise, the operating income of the previous year must exceed 50 million yuan ($7.38 million), and the total research and development expenses in the past two years should account for no less than 6 percent of total revenue.

The number of "little giant" enterprises reflects the vitality of SMEs in a region or city.

In recent years, Jiaxing has built a high-quality enterprise gradient cultivation system through various forms such as policy support, training and counseling to guide SMEs to focus on their main business and carry out innovation.

In addition, to stimulate the development of SMEs, the city has promoted the joint efforts of various departments such as the economy, information technology, taxation and finance departments, to solve difficulties in financing, policy, the market and more.