China / Society

Stock exchange chief seeks better support for SMEs

By Cai Xiao ( Updated: 2014-03-10 20:19

Developing small and medium-sized enterprises should be a Chinese national strategy, the Shenzhen Stock Exchange chairman said.

Chen Dongzheng, also a CPPCC National Committee member, said on March 9 that SMEs play an important role in the steady development, transformation and upgrading of the Chinese economy, including the country's urbanization and exports.

But policies that support SMEs aren't implemented well, and those enterprises have difficulty getting financing, he said

Chen said China should revise laws on SMEs, consider them carefully when creating the 13th Five-year Plan (2016-2020), and improve their financial support services.

He encouraged city and rural commercial banks to get listed.

Chen added that the Shenzhen Stock Exchange may face pressure if it is responsible for the registration-based IPO reform.

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