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外文翻譯 金融 07* 張 ** 2020507H00 文獻(xiàn) 標(biāo)題 Financing Difficulties and Structural Characteristics of SMEs in China 作者 Yanzhong Wang 發(fā)表日期 2020 出版社或 期刊名稱 China amp。 World Economy 論文頁(yè)碼 Vol. 12 No. 2, 2020 英文原文 China’s reform and openingup policy has created a good environment for the development of small and mediumsized enterprises (SMEs), especially the burgeoning SMEs in the private sector. In the meantime, SMEs have been playing an important role in China’s economic reform and development and, to some extent, have bee a growth engine in the Chinese economy. However, SMEs are still facing many financial difficulties due to various reasons, such as lagging in the banking system, an inadequate financial structure, lack of a guarantee system, etc. This paper will analyze the structural roots of SMEs financing difficulties and put forward possible measures to mitigate such financing obstacles Since China’s reform and opening up, the marketoriented reform of the country’seconomic system has gradually engendered labor and capital markets, which have promoted an organic bination of rich labor resources and increasingly expandedcapital resources. The development of SMEs, especially the sharp rise in nonstateownedand nonpublicowned enterprises, have provided a vast space and permanent vehicle for this type of bination. Although the overall size of the stateowned economy is still increasing in terms of number of enterprises and developmentalpotential, nonstateowned SMEs have bee a main part of the Chinese economy and played an increasingly important role in the national economy and social development. With the rapid growth of the Chinese economy, many kinds of SMEs have been established and gradually developed. In 1980, the number of industrial enterprises at the level of collective township and village enterprises and above (excluding village and family enterprises), was about 377,300. Among them were 1,400 large enterprises, 3,400 medium enterprises and 372, 500 small enterprises, about , and percent of all firms respectively ( National Bureau of Statistics, 1981, p. 204). In the same year, China had million mercial enterprises (including private businesses), more than 99 percent of which were SMEs. The number of individually owned enterprises was 686,000. The Chinese economy experienced rapid growth in the 1980s, and there was a tremendous boost in the number of SMEs. In 1990, the total number of industrial enterprises reached 7,957,800. The proportions of large, medium and small enterprises were , and percent The significant increase in the number of SMEs reflects the objective reality of its fast development at the time. Apart from an increase in industrial enterprises, the number of construction, mercial, foodandbeverage and servic