China says it will help relieve 'distress' of small companies: People's Daily

[SHANGHAI] 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 per cent 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.

REUTERS