Smaller firms to benefit from new definition of SMEs

BEIJING - China is revising the definition of small and medium-sized enterprises (SMEs) to give smaller companies wider access to policy and financial support worth tens of billions of yuan.

Wang Lijian, spokesman for the Ministry of Industry and Information Technology, told China Daily that the ministry is working on the revision, but did not elaborate.

But Song Xinli, deputy secretary-general of China International Cooperation Association of Small and Medium Enterprises, said the ministry has already come up with a draft and is gathering opinions from various departments and ministries before submitting them to the State Council for approval.