The efficiency of financial institutions serving small companies has also been increasingly enhanced thanks partly to the optimized credit management pattern and the use of fin-tech means.

China's policy framework for beefing up financial support for the SMEs has been improved via implementing targeted cut in reserve requirement ratio and medium-term lending facility, as well as increasing support for re-lending and rediscount.

However, the white paper has also pointed out that solving financing difficulty facing small firms would be a long, complicated and arduous process.

China will continue to deepen financial supply-side structural reform and improve the policy environment to provide higher-quality and more effective financial services to SMEs, according to the white paper.

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