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China says will help relieve 'distress' of small companies: People's Daily

China says will help relieve 'distress' of small companies: People's Daily

FILE PHOTO: Chinese Commerce Minister Wang Wentao speaks during a State Council Information Office news conference in Beijing, China February 24, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

SHANGHAI: China's commerce minister Wang Wentao said the country will take action to relieve the "distress and concerns" of small- and medium-sized enterprises, in an interview posted in the official People's Daily on Tuesday (Oct 19).

China will "make full use of fiscal funds and policy-based financial tools to increase support for SMEs," said Wang, according to the paper.

The country has more than 13 million enterprises, of which more than 99 per cent are SMEs, said Wang.

The government will create more development opportunities for such firms, Wang added.

China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector, highlighting the challenge facing policymakers as they seek to prop up a faltering recovery while reining in the real estate sector.

Source: Reuters

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