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China mulls revising law on small, medium-sized enterprises

Staff Writer |
The top legislature is considering amending a law that supports small- and medium-sized businesses for the first time since it was adopted in 2003.

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The revised draft was submitted to legislators for its first reading at the bimonthly session of the National People's Congress (NPC) Standing Committee, which began Monday and will run until November 7.

According to the statement, released by the NPC Financial and Economic Affairs Committee, the law on promoting the development of small- and medium-sized enterprises has helped boost growth in this sector.

According to government data, by the end of 2015, the majority of the 21.9 million registered enterprises in the country were small- and medium-sized businesses. In industry, for example, small- and medium-sized businesses accounted for about 99.6 percent of all firms.

However, the statement pointed out that the current law "is not specific (about) supporting policies" and "not easy to (implement)."

In order to create a better legal environment for small- and medium-sized firms, especially small- and micro-businesses, to grow, the current law should be revised, it said.

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