A Study on Improvement Measures of Financial Supporting Policy for Chinese SMEs
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In recent years, Chinese SMEs have developed rapidly and their scale has kept growing. Among the total number of Chinese enterprises, SMEs account for more than 99%. And they provide 80% of jobs, 70% of invention patents and 60% of GDP. They have become an important engine for economic growth, employment expansion and improvement of people's livelihood in China. In order to promote the development of SMEs healthy and orderly, the Chinese government has formulated a series of preferential policies in terms of speeding up the reform of the fiscal and taxation system, reducing taxes and fees, and optimizing the business environment. However, SMEs have some inherent defects such as less collateral assets and asymmetric business information, which has led to problems in financing and high financing costs. This paper analyzes the status quo and problems of the implementation of SME financial support policies, furthermore combines the experience of advanced countries in financial support for SME development, and proposes policy recommendations in line with the healthy development of SMEs in China.
Abstract
In recent years, Chinese SMEs have developed rapidly and their scale has kept growing. Among the total number of Chinese enterprises, SMEs account for more than 99%. And they provide 80% of jobs, 70% of invention patents and 60% of GDP. They have become an important engine for economic growth, employment expansion and improvement of people's livelihood in China. In order to promote the development of SMEs healthy and orderly, the Chinese government has formulated a series of preferential policies in terms of speeding up the reform of the fiscal and taxation system, reducing taxes and fees, and optimizing the business environment. However, SMEs have some inherent defects such as less collateral assets and asymmetric business information, which has led to problems in financing and high financing costs. This paper analyzes the status quo and problems of the implementation of SME financial support policies, furthermore combines the experience of advanced countries in financial support for SME development, and proposes policy recommendations in line with the healthy development of SMEs in China.
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