BEIJING — China will ramp up multiple policy supports, including cutting costs and increasing funding, to help small and medium-sized companies tide over difficulties, officials told a press conference on May 18.

China's small and medium-sized firms logged stable growth in the first quarter of 2022, with the combined revenue and profit of major industrial companies up 14.1 percent and 6.5 percent year-on-year, respectively, Vice-Minister of Industry and Information Technology Xu Xiaolan said.

To address difficulties faced by smaller firms in costs, financing and logistics, local authorities have introduced policies to offer subsidies for spending on rent, utilities, loan repayments and social security premiums, Xu said.

The country has also taken multiple measures to increase inclusive loans and clear arrears for smaller firms, while promoting work resumption at key smaller firms on the industrial chain and boosting market demand.

The ministry will further promote the implementation of the supporting policies, prevent and clear arrears owed to smaller businesses, facilitate the symbiosis of small, medium and large companies, and build a system to nurture high-quality smaller firms, Xu said.

In terms of financing support, China will guide large State-owned banks to offer 1.6 trillion yuan ($237.31 billion) of inclusive loans to micro and small firms this year, said Mao Hongjun from the China Banking and Insurance Regulatory Commission.

The commission will also encourage banking and insurance institutions to increase credit loans and ease the difficulties of loan repayments for smaller firms, and help them better cope with risks by offering tailored services and insurance products.