China says will help relieve “distress” of small companies – People’s Daily

© Reuters. FILE PHOTO: Chinese Commerce Minister Wang Wentao speaks during a State Council Information Office news conference in Beijing, China February 24, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

SHANGHAI (Reuters) – China’s commerce minister Wang Wentao said the country will take action to relieve the “distress and concerns” of small- and medium-sized enterprises, in an interview posted in the official People’s Daily on Tuesday.

China will “make full use of fiscal funds and policy-based financial tools to increase support for SMEs,” said Wang, according to the paper.

The country has more than 13 million enterprises, of which more than 99% are SMEs, said Wang.

The government will create more development opportunities for such firms, Wang added.

China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector, highlighting the challenge facing policymakers as they seek to prop up a faltering recovery while reining in the real estate sector.