【正文】
nadequate 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 service enterprises all increased by over 300 percent over 1980 (NBS, 1991, p. 1617). In the 1990s, the Chinese economy maintained a trend of steady and rapid growth and the overall scale of the economy continued to expand. According to the new standards on the scale of industrial enterprises carried out in 1998, there were 7,864 large enterprises, 14, 371 medium enterprises and 139,798 small enterprises – about , and percent of all firms respectively (NBS, 2020, p. 412413). Compared to figures from 1980 and 1990, while there was an increase in the proportion of large and mediumsized enterprises, the proportion of small enterprises decreased by 10 percent. There were several reasons for this: (1) Large and mediumsized enterprises increased the