Specialized, refined, distinctive, and innovative small and medium-sized enterprises are the main force of scientific and technological innovation, the stabilizer of industrial chain security, and an important engine for promoting high-quality economic development. As of the end of 2024, China has cultivated over 141000 provincial-level specialized, refined, unique, and new small and medium-sized enterprises, as well as 14600 specialized, refined, unique, and new "little giant" enterprises. Fiscal and financial policies play an important role in supporting the development of specialized, refined, unique, and new small and medium-sized enterprises. It is necessary to strengthen policy coordination, assist specialized, refined, unique, and new small and medium-sized enterprises in making inward efforts in the increasingly severe and complex internal and external situation, boost confidence, enhance capabilities, inject vitality and add momentum to high-quality development. Fiscal and financial policies are the core tools of national macroeconomic regulation. The alignment of goals, complementary tools, and coordinated pace between the two will generate a multiplier effect that goes beyond the effects of a single policy or a linear combination of policies, and can play a more effective role in stabilizing the economy, promoting employment, and supporting enterprise development. Fiscal policy focuses on aggregate demand management and structural regulation, with advantages such as precise targeting, compensating for market failures, and regulating income distribution. However, due to rigid budget constraints, there may be varying degrees of time lag. Financial policies place greater emphasis on liquidity management and price regulation, which have the advantages of quick response, wide coverage, and strong leverage. However, they are limited by pro cyclical factors and risk appetite constraints, making it difficult to address structural contradictions. The coordination of fiscal and financial policies is not simply about policy aggregation, nor is it about replacing the efforts of business entities with policy support. Instead, it focuses on the main contradictions, key areas, and key entities. Through policy linkage, fund leverage, and risk sharing, business entities rely on policy linkage support to unleash innovative creativity, stimulate internal drive, and enhance development resilience in response to internal and external uncertainties. Strengthening the coordination of fiscal and financial policies, through direct support and indirect leverage, can stabilize the expectations of specialized, refined, unique and new small and medium-sized enterprises, enhance development confidence, strengthen market vitality, and consolidate the "micro foundation" for promoting economic growth; On the other hand, it can improve the efficiency of fiscal and financial resource allocation, support business entities to enhance their hematopoietic capacity, and provide solid guarantees for improving the innovation ability and specialization level of specialized, refined, unique, and new small and medium-sized enterprises, promoting high-quality development of the manufacturing industry, and strengthening the real economy. In recent years, the central and local financial departments have focused on serving the development of specialized, refined, unique, and new small and medium-sized enterprises, actively exploring collaborative models, fully leveraging the guiding and driving role of fiscal funds, smoothing financial service channels, and leveraging social capital investment, providing strong element guarantees for the development of specialized, refined, unique, and new enterprises. Introduce and implement a series of preferential policies to support innovative entities such as high-tech enterprises, technology-based small and medium-sized enterprises, and research and development institutions, continuously innovate comprehensive and diversified financing services such as "commercial banks+investment banks", "debt+equity", and "financing+integrated intelligence", and accurately match the financing needs of specialized and innovative small and medium-sized enterprises. From 2021 to 2025, the central government has allocated over 10 billion yuan in funds in three batches to support the high-quality development of over a thousand national level specialized, refined, and new "little giant" enterprises. However, specialized, refined, and innovative small and medium-sized enterprises still face challenges such as an imperfect innovation ecosystem and imbalanced digital transformation. The advantages of characteristic clusters need to be further highlighted. To solve these problems through coordinated fiscal and financial policies and continue to make efforts, we still need to broaden our horizons and expand our space. Specialized, refined, and innovative small and medium-sized enterprises have the development characteristics of "light assets and high innovation". The intensity of research and development investment is high, and the mismatch between capital recovery cycles is obvious. The problem of "subsidies in place but difficult financing" urgently needs to be solved, and the fiscal and financial policies that help enterprises innovate and develop have not yet formed an effective closed loop. Specialized and innovative small and medium-sized enterprises are divided into various sub sectors, with significant industry differences and varying pain points in demand. In some regions, the risk compensation mechanism for specialized and innovative small and medium-sized enterprises is not yet sound; In some regions, the scale of venture capital funds for specialized, refined, unique, and new small and medium-sized enterprises is relatively small, the compensation ratio is low, and the threshold for direct financing methods is high; Some policy tools lack industry-specific design and fail to accurately match the development needs of enterprises in different stages and industries. Continuously expanding space, focusing on tapping potential, precise matching, and using multiple measures to release the synergistic effect of fiscal and financial policies will help promote the high-quality development of specialized, refined, unique, and new small and medium-sized enterprises, laying a solid foundation for accelerating the cultivation and development of new quality productive forces. Optimize financial and tax support policies to stimulate enterprise innovation autonomy. Improve the targeted effectiveness of tax and fee preferential policies, actively explore pilot areas where the R&D expense deduction ratio for key enterprises exceeds 100%, and gradually expand the scope of applicable industries; Expand the scope and intensity of preferential income tax policies for technology transfer, and encourage state-owned enterprises and large enterprises to transfer technology to small and medium-sized enterprises. Enhance the resilience of enterprise development through innovative support methods, explore a combination of initial capital injection guidance and later subsidies and rewards, coordinate various channels such as government investment funds, government guidance funds, and financing guarantee funds, increase support for innovation projects of specialized, refined, and new small and medium-sized enterprises, encourage the integration of basic research, key core technology breakthroughs, scientific and technological innovation, and industrial innovation, give full play to the guiding and amplifying role of funds, and better play the role of the government financing guarantee system; For enterprises with more technological innovation achievements, significant upstream and downstream driving effects, and significant financial and tax revenue contributions, a certain scale of post production subsidies or additional investments will be given. Efforts should be made to improve the level of tax governance in accordance with the law, adhere to the principle of tax legality, not only to plug loopholes and increase income, but also to firmly adhere to the bottom line of not collecting "excessive taxes and fees", avoid arbitrary tax inspections and supplements on enterprises due to policy changes and historical factors, and effectively implement strict, standardized, and precise law enforcement to optimize the tax collection and management environment. Improve the financial service system and enhance the effectiveness of corporate financing. Establish a sound financial support system that is compatible with technological innovation, improve the mechanism for empowering technological innovation with long-term and patient capital, and focus on supporting specialized, refined, and new small and medium-sized enterprises that participate in major national scientific and technological tasks or advanced technology research and development. Give full play to the role of multi-level capital markets, deepen the comprehensive reform of capital market investment and financing, break through the bottlenecks and difficulties of medium - and long-term fund entry, enhance the inclusiveness and adaptability of the capital market system, and launch the "technology board" of the bond market as soon as possible. Improve the risk diversification mechanism for scientific and technological innovation, promote the implementation of risk sharing tools such as scientific and technological innovation bonds as soon as possible, improve the product system of scientific and technological insurance, and strengthen the risk protection of enterprise scientific and technological innovation activities. Improve resource allocation efficiency and create a good innovation ecosystem. Further optimize the allocation of innovation resources, reform the approval and organizational management methods of major science and technology projects, explore the "unveiling and leading" mechanism that adapts to different task scenarios, guide and encourage specialized, refined, unique and new small and medium-sized enterprises to actively participate in major science and technology projects, and increase the direct supply of public innovation resources; Regularly evaluate the efficiency of various entities in using public innovation resources, and tilt towards specialized, refined, innovative, and small and medium-sized enterprises. Build a diversified technology innovation and consulting exchange platform around the differentiated innovation needs of enterprises, improve the mechanism for sharing interests among enterprises, universities, and research institutes, form a collaborative innovation closed-loop system, and reduce the risks and difficulties of independent innovation and application of new technologies by specialized, refined, innovative, and small and medium-sized enterprises. Enhance support for the digital transformation of small and medium-sized enterprises through the integration of financial incentives, government financing guarantees, loan subsidies, and other methods to fill the funding gap for digital transformation of enterprises, and promote the application and iterative development of technologies such as artificial intelligence and big data in enterprise innovation. (New Society)