China to reclassify small, medium-sized enterprises

17:01, September 20, 2010      

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China plans to issue new small and medium-sized enterprise classification standards by the end of 2010, said Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology (MIIT). The Department of Medium-sized and Small Enterprises under the MIIT said that the added-value of China's small and medium-sized enterprises in the first half of 2010 was up more than 18 percent from a year earlier.

Lu Yongjun, vice director of the Bureau of Rural and Township Enterprises under the Ministry of Agriculture, said the aggregate export delivery value of township and village enterprises in the first seven months of 2010 reached 1.9 trillion yuan, representing a 11 percent increase from the previous year and accounting for more than 35 percent of China's industrial product export delivery value.

The amount of aggregate remunerations paid by township and village enterprises in 2010 has been more than 10 percent higher than a year earlier.

According to Zheng Xin, vice director of the Department of Medium and Small Enterprises under the MIIT, the total number of nationwide small and medium-sized enterprises has not dropped since the international financial crisis. In the first six months of 2010, the growth rate in the industrial added-value of small and medium-sized enterprises was higher than the average.

Zhu said that the government plans to issue all new classification standards by the end of 2010 and the current standard, which defines small enterprises as having less than 300 employees or 40 million yuan in assets, will be further lowered.

Furthermore, there will be smaller and weaker enterprises and mini-enterprises in the new small and medium-sized enterprise classifications for the first time. The government will provide mini-enterprises with special policy support, including tax break measures.

Domestic enterprises are currently classified according to the "Law of Promoting Small and Medium-sized Enterprises" released in 2003. Medium-sized enterprises should meet the requirements of having more than 300 employees, a turnover of 30 million yuan or more and have total assets of 40 million yuan or above. The rest are defined as small enterprises. The number of small and medium-sized enterprises accounts for 99 percent of China's total.

By People's Daily Online

(Editor:黄蓓蓓)

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