Legislators discussed a draft amendment to the law on promoting small and medium-sized enterprises.

The draft was submitted to the National People's Congress (NPC) Standing Committee for its first reading on October 31.

The draft aims for equal rights, rules and opportunities for all firms, and suggests favorable tax policies and easier financing procedures for small and micro-businesses.

Legislators widely solicited opinion while drafting the amendment, and learned about the problems troubling small and medium-sized firms such as difficulties in financing, said legislator Li Shenglin at the panel discussion.

The draft has clarified how to support small and medium-sized enterprises with government funds and bank capital, Li said.

The amendment is expected to solve the problems "at the source," said legislator Long Chaoyun, adding that if passed, its implementation must be ensured by strengthened supervision.

Long suggested authorities regulate the development of agencies offering financing services, improve their credit rating system and ensure better service for small and medium-sized enterprises.

By the end of 2015, the majority of the country's 21.9 million registered enterprises were small or medium-sized businesses, according to government data. In industry, for example, small and medium-sized businesses accounted for about 99.6 percent of all firms.

A current problem is "blind development." Many small enterprises engage in redundant, outdated business and seek quick success but end up "dying rapidly," according to legislator Li Andong.

He suggested the government better guide their development and encourage innovation to sustain their long-term growth.

(Xinhua News Agency November 3, 2016)