The second meeting of the State Council leading group for promoting the development of small and medium-sized enterprises (SMEs) was held in Beijing on Oct 17, where group leader Vice-Premier Liu He delivered a speech.

The Ministry of Industry and Information Technology reported on the overall implementation of key tasks decided at the first meeting.

People’s Bank of China, Banking Regulatory Commission and China Securities Regulatory Commission updated the progress on easing financing difficulties for SMEs.

The All-China Federation of Industry and Commerce presented the third-party assessment on the implementation of policy measures for easing financing difficulties and reducing financing costs for SMEs.

The Ministry of Finance reported on the operation of development funds and the implementation of fiscal and tax policies for SMEs.

The meeting stressed the important role of SMEs and private economy in China’s economic and social development.

It also urged precise and effective measures to support the development of SMEs.

Departments must stick to the timetable, putting key tasks decided at the first meeting into practice, according to the meeting.

More efforts will be made to support the development of SMEs by reducing taxes, easing financing difficulties, improving environmental protection, enhancing scientific and technological innovation capabilities, and strengthening international cooperation.