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China to study stimulus policies for battling SMEs
By Wang Yanlin |
October 26, 2011, Wednesday
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Online Edition
Online Edition
CHINA will further study "stimulus policies" for smaller companies as some of them are struggling to survive amid a global economic slowdown.
"Small- and medium-sized enterprises, especially those with employees under 20 people, encounter many operational and financial difficulties under the current circumstances," said Zheng Xin, deputy director general of the Ministry of Industry and Information Technology's SME Department, at a press conference today. "We should attach high importance to the difficulties SMEs face and take effective measures to help them overcome the difficulties."
The Ministry of Finance said in a statement today that China would extend tax reductions to financial companies for bad loan provisions on lending to agricultural industries and SMEs. The policy will continue until December 31 of 2013.
Last month, the State Council, or China's Cabinet, cut taxes and ordered state-owned banks to create easier access to credit for cash-strapped SMEs.
"Small- and medium-sized enterprises, especially those with employees under 20 people, encounter many operational and financial difficulties under the current circumstances," said Zheng Xin, deputy director general of the Ministry of Industry and Information Technology's SME Department, at a press conference today. "We should attach high importance to the difficulties SMEs face and take effective measures to help them overcome the difficulties."
The Ministry of Finance said in a statement today that China would extend tax reductions to financial companies for bad loan provisions on lending to agricultural industries and SMEs. The policy will continue until December 31 of 2013.
Last month, the State Council, or China's Cabinet, cut taxes and ordered state-owned banks to create easier access to credit for cash-strapped SMEs.
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