Beijing launched an innovation and entrepreneurship competition for small and medium-sized enterprises (SMEs) on Wednesday to pool outstanding projects from cutting-edge sectors, cultural and creative industries, and everyday service sectors.

According to Wang Lei, deputy head of Beijing Municipal Bureau of Economy and Information Technology, companies participating in the 2021 Beijing Entrepreneurs Innovation and Entrepreneurship Competition and the sixth "Maker in China" Competition of SMEs in Beijing can enjoy several business advantages. These include access to over 1,000 service products from 331 service providers, 2.43 million square meters of office space, and eight customized credit products. Over 500 government departments and social service organizations are involved in this year's competition.

The competition comprises both a regional competition and a competition for leading companies. The regional competition consists of four stages, namely, a preliminary competition, a reappraisal competition, the semi-finals, and the final.

The competition, in cooperation with relevant organizations, has carried out over 500 activities over the past two years to promote supporting services like project implementation, investment and financing, and application of digital technologies, and reached nearly 1,000 service agreements. Incomplete statistics show that the competition has helped over 300 participating SMEs to obtain direct financing worth approximately 2.8 billion yuan (US$436 million) and equity investment of over 7 billion yuan.

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