China mulls revising law on small, medium-sized enterprises

%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20top%20legislature%20is%20considering%20amending%20a%20law%20that%20supports%20small-%20and%20medium-sized%20businesses%20for%20the%20first%20time%20since%20it%20was%20adopted%20in%202003%2C%20according%20to%20a%20statement%20released%20Monday.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20revised%20draft%20was%20submitted%20to%20legislators%20for%20its%20first%20reading%20at%20the%20bimonthly%20session%20of%20the%20National%20People%27s%20Congress%20%28NPC%29%20Standing%20Committee%2C%20which%20began%20Monday%20and%20will%20run%20until%20Nov%207.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20the%20statement%2C%20released%20by%20the%20NPC%20Financial%20and%20Economic%20Affairs%20Committee%2C%20the%20law%20on%20promoting%20the%20development%20of%20small-%20and%20medium-sized%20enterprises%20has%20helped%20boost%20growth%20in%20this%20sector.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20government%20data%2C%20by%20the%20end%20of%202015%2C%20the%20majority%20of%20the%2021.9%20million%20registered%20enterprises%20in%20the%20country%20were%20small-%20and%20medium-sized%20businesses.%20In%20industry%2C%20for%20example%2C%20small-%20and%20medium-sized%20businesses%20accounted%20for%20about%2099.6%20percent%20of%20all%20firms.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHowever%2C%20the%20statement%20pointed%20out%20that%20the%20current%20law%20%22is%20not%20specific%20%28about%29%20supporting%20policies%22%20and%20%22not%20easy%20to%20%28implement%29.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%20order%20to%20create%20a%20better%20legal%20environment%20for%20small-%20and%20medium-sized%20firms%2C%20especially%20small-%20and%20micro-businesses%2C%20to%20grow%2C%20the%20current%20law%20should%20be%20revised%2C%20it%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ESmall-%20and%20medium-sized%20enterprises%2C%20most%20of%20which%20lag%20behind%20with%20technological%20elements%20and%20risk%20management%2C%20have%20felt%20the%20pinch%20from%20downward%20pressure%20in%20economy%20in%20recent%20years%2C%20according%20to%20the%20statement.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIt%20added%20that%20increased%20production%20costs%20and%20contracted%20profits%20were%20threatening%20the%20survival%20and%20development%20of%20these%20businesses.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28China%20Daily%29%3CBR%3E%3C/FONT%3E%3C/P%3E