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China unveils measures to boost development of smaller businesses

Source: Xinhua Updated: 2023-01-16

BEIJING -- China has released a document to support the development of micro, small and medium-sized enterprises (MSMEs), detailing specific measures to promote the high-quality development of these firms, according to the Ministry of Industry and Information Technology.

The document, issued by the State Council, contained 15 measures that aim at stabilizing the growth and improving the competitive edge of the MSMEs in the country.

Seven of these measures seek to help MSMEs tide over difficulties through policy support, easier financing and demand expansion, among others.

In particular, large enterprises and platform institutions are encouraged to release procurement lists targeting MSMEs and carry out cross-border matchmaking activities, in order to create more business opportunities for these enterprises.

The document also outlined eight measures to help build up the core competitiveness of smaller businesses.

Efforts should be made to enhance talent cultivation, step up direct financing support for quality MSMEs and strengthen the application and protection of intellectual property rights of these firms, the document said.