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China says will help relieve “distress” of small companies

by Mike Robinson

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© Reuters. FILE PHOTO – Wang Wentao, Chinese Commerce Minister speaks at a State Council Information Office news conference held in Beijing on February 24, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

SHANGHAI, (Reuters) – China’s Commerce Minister Wang Wentao stated that the country would take steps to alleviate the “distresses and concerns” faced by small and medium-sized businesses in an interview published in the People’s Daily newspaper on Tuesday.

The paper stated that Wang said China would “fully use fiscal funds and policy based financial instruments to increase support for SMEs.”

Wang stated that the country is home to more than 13,000,000 enterprises. More than 99% of these are SMEs.

Wang said that the government would provide more opportunities for these firms to develop, and Wang agreed.

China’s third quarter saw its lowest growth rate in one year. This was due to power cuts and property sector wobbles. It highlights the challenges facing policymakers in trying to support a slowing recovery, while also reining in real estate.

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