To boost support for SMEs amid downward pressure and uncertainties, China’s Ministry of Industry and Information Technology has decided to step up relief for SMEs while fostering innovation-driven development among firms having high growth potential, solid competitive positions, and advanced technologies. As part of this decision, it has released a new document, which requires taking nine specific steps, including further reduction in taxes and fees, enhancing financial support, flexibly using various financial policy tools, and lessening the pressure of rising costs for SMEs. Meanwhile, the People’s Bank of China will make a big push to tackle difficulties that the SMEs are currently facing amid mounting uncertainties.
