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Issue № 79. April 2020

PRC Government Policy Regarding Chinese Small and Medium Enterprises in the Context of COVID-19 Pandemic

E Simen, Marina Y. Sheresheva

E Simen — postgraduate student, Faculty of Economics, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: simonye2012@gmail.com

Marina Y. Sheresheva — DSc (Economics), Professor, Head of Laboratory for Institutional Analysis, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: m.sheresheva@mail.ru
ORCID ID: 0000-0002-8153-7111

The article discusses the main directions of the PRC state policy to support small and medium enterprises (SMEs) in the context of the COVID-19 pandemic. Since 2003, the country has witnessed the rapid development of small and medium-sized businesses, an increase in the number of SMEs and an increase in their profitability. Currently, SMEs make up the vast majority of the total number of enterprises in the PRC and are an important part of the Chinese economy, making a large contribution to GDP growth and ensuring the growth of tax revenues to the state budget. Their work is vital in terms of innovation, employment and raising the standard of living of the population. The outbreak of the epidemic COVID-19, which subsequently escalated into a pandemic, significantly complicated the situation for smallest and medium-sized enterprises in the PRC, which resulted in the threat of their massive closure, staff reductions and, as a result, of further deterioration of the general socio-economic situation in China. In this regard, a system of government measures has been developed to preserve the potential of SMEs, to provide not only momentary support but also the conditions for the successful resumption of their activities in the long term. A comparison of government support measures for small and medium-sized businesses implemented in the PRC with government support measures voiced by the President and the Government of the Russian Federation shows that the experience of China, the first to encounter the coronavirus epidemic, has been largely taken into account and is used to form a set of measures to support Russian small and medium enterprises.

Keywords

State policy of the PRC, small and medium enterprises, coronavirus COVID-19, sustainable development, China.

DOI: 10.24411/2070-1381-2020-10047

Comments:
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