China moves to boost SME growth

Workers make clothing at a textile mill in Yinchuan, northwest China's Ningxia Hui Autonomous Region, June 22, 2015. [Photo/Xinhua]

China has unveiled a guideline to facilitate the sound development of small and medium-sized enterprises (SMEs).

As a major impetus for economic and social development, SMEs make contributions to increasing employment, improving people's livelihood and promoting entrepreneurship and innovation, said the guideline jointly released by the General Office of the Communist Party of China Central Committee and the General Office of the State Council.

Therefore, the guideline called for more attention to the problems impeding further growth of SMEs, such as rising costs, financing difficulties and inadequate innovation capability.

To solve such problems, the country will improve the business environment for SMEs by further broadening market access, simplifying administrative procedures and strengthening market supervision and regulation, according to the guideline.

Meanwhile, more measures will be launched to relieve SMEs' financing difficulties, including cutting targeted reserve requirement ratio for inclusive financing, creating more financing channels and encouraging SMEs to receive financing on the "new third board."

While readjusting tax policies to support the financing of SMEs and reducing their tax burdens, the country will increase financial support for innovation and entrepreneurship and consolidate the protection of intellectual property.

In addition, the guideline urged related institutions to enhance public services and accelerate the establishment of credit information sharing platforms for SMEs.