Beijing (CNS) -- China's small- and micro-sized enterprises are entering a slower development phase without nationwide large-scale shutdowns, according to Sheng Yunlai, spokesman at the National Bureau of Statistics (NBS) on Wednesday.
A NBS survey of 38,000 domestic small- and micro-sized enterprises showed they are struggling to obtain loans and operate against rising costs. International economic climate and tightened monetary policy were cited as main reasons for the slowdown.
Besides more expensive raw materials and labor costs, financial institutions have failed to satisfy the financing needs of small enterprises for decades, which also account for the current difficulty situations of these enterprises, said Sheng.
The State Council held an executive meeting on October 12 and discussed policy measures on civil investment to better facilitate the small and medium-sized enterprises.
