Chinese lawmakers amend law to promote SME development

BEIJING — China's top legislature Thursday began reviewing a draft amendment to promote the development of small- and medium-sized enterprises (SMEs) by cutting costs and supporting innovation.

The draft amendment to the Law of Promoting Small and Medium-sized Enterprises was submitted to the Standing Committee of the National People's Congress (NPC) for a second reading at the start of its bi-monthly session.

The draft suggested that the State Council should define clear responsibilities for authorities at provincial, city and county levels to promote SME development.

It also said authorities should set clear policies for tax credits, easy access to finance, lower start-up costs, cooperation between civilians and military, support for innovation and training for SME human resources.

The draft also suggested that authorities should strengthen supervision and inspection of funds for SME development.

Its first reading was deliberated at the top legislature's bi-monthly session in Dec 2016.