Beijing moved this week to provide additional support for small businesses – one of the weak links in China’s domestic economy – as leaders attempt to balance an uneven economic recovery by shoring up employment and domestic demand.
The State Council, the country’s cabinet, demanded that local governments and financial institutions help small businesses, which account for the lion’s share of employment in the country but which continue to struggle from the effects of the coronavirus pandemic and a long-standing lack of access to adequate financing.
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