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Jiaxing has cultivated 104 "little giant" enterprises, promising small and medium-sized enterprises that specialize in niche sectors recognized by the Ministry of Industry and Information Technology. It is the 21st city in China with more than 100 little giant enterprises.

Jiaxing has launched nine comprehensive policies to support the development of small and medium-sized enterprises, including setting up a special fund of 50 million yuan ($6.91 million) for little giant enterprises and providing support for digitalization, greening, talent and land use.

Tongxiang, a county-level city of Jiaxing, selected the first batch of the 100 most dynamic and promising enterprises to offer 50 million yuan in annual support.

After one year, the first batch of the 100 above-designated-size enterprises saw an industrial output value of 32.36 billion yuan, a year-on-year growth rate of 19.1 percent.

Little giant enterprises are helping Jiaxing accelerate its transition into a "smart manufacturing and innovative city".

From January to May, the added value of the city's above-designated-size industrial enterprises totaled 112.25 billion yuan, a growth rate of 9.5 percent, ranking second in Zhejiang province.

The city's equipment manufacturing industry achieved an added value of 49.1 billion yuan, a growth of 21.6 percent, ranking second in the province.