China's Ministry of Industry and Information Technology has announced that it will keep optimizing the business environment for small and medium sized enterprises. Major tasks include strengthening innovation and job creation. Other measures include bettering the country's industrial base, improving taxation and enhancing the professionalism and management of SMEs. Improving the service sector is also a high priority.
According to the Administration of Industry and Commerce, by the end of 2013, 99% of registered companies were SMEs.
"China has been reducing taxes for SMEs for quite some time. The value added tax has cut almost 120 billion yuan of taxes for SMEs in 2013. We will keep implementing exsisting policies, as well as strengthening administration on taxation." Xu Kemin, deputy dir. of SME Dpt. of Ministry Of Industry & Info. Tech., said.