"Financial resources should flow more to the real economy, especially to agriculture and small and micro businesses to ease their credit crunch and high financing cost," he said.

They have played a pivotal role in creating new jobs, as each small and micro enterprise can help create eight new jobs and each self-employed business creates 2.8 jobs, according to the National Bureau of Statistics.

The meeting decided that the government will make greater efforts to develop governmental financing guarantee and re-guarantee institutions, with a national financing guarantee fund also in the pipeline. Venture capital funds will be encouraged to devote more investment to small businesses in their early periods.

"The development of inclusive finance should be a priority, so that the small and micro businesses and other weaker links can receive consistent support. The financing of small and micro businesses is a global challenge. But it is of major importance, and should be highly prioritized." Li said.

"We managed to make some progress over the years, reaching targets of growth rate of bank lending to small and micro businesses no lower than lending across the board, number of individual loans and rate for loan approval no lower than the same period last year. Such measures have increased SME's chance of survival," he said.

Policies for small and micro businesses should cover self-employed businesses and farmers as well to increase policy effectiveness, he added.

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