BEIJING, June 23: Small and medium-sized enterprises (SMEs) have become a major force in pushing forward China’s science and technology innovation, an official said on Friday.

SMEs — currently account for 65pc of the country’s all invention patents, 75pc of corporate innovations and 80pc of new product developments, Miao Wei, minister of industry and information technology, said at a seminar in Chengdu, the capital city of southwest China’s Sichuan province.

SMEs comprise 99 per cent of all firms, account for 60 per cent of GDP and fiscal revenues and employ nearly 80 per cent of the country’s population, Miao added.—APP

“SMEs have played an irreplaceable role in raising fiscal revenues, generating more jobs and improving the structure of the economy,” Xinhua News agency quoted Miao.

Miao called on SMEs to improve technological innovation and strengthen cooperation with big firms so to become better able to withstand risks and adapt to the changing economy.