外文翻译---中国中小企业融资难和融资结构特点-企业融资(编辑修改稿)

外文翻译---中国中小企业融资难和融资结构特点-企业融资(编辑修改稿)内容摘要：

ays an important foundation in the process of developing China’s market economy. At present, the number of nonpublicowned Chinese enterprises far exceeds the number of stateowned firms. Excluding over 20 million individuallyowned enterprises, the proportion of formally registered nonstateowned legal entities grew from to percent between 1996 and 2020 (Table 2). The proportion of nonstateowned enterprises also far surpassed stateowned ones. According to the statistics on industrial valueadded output, in the first three months of 2020, the stateowned and collective economy fell to 30 percent, while the nonpublicowned economy jumped to 70 percent. Since China’s reform and opening up, SMEs have gradually enjoyed a healthy external environment for development. By reforming the system of a planned economy, the nation relaxed its limitations on the development of SMEs so that urban collective enterprises, township and village enterprises, individual businesses, private enterprises, foreignfunded enterprises and joint ventures could rapidly develop. Regarding the various forms of SME ownership, different development policies were adopted. For stateowned SMEs, from its efforts to “decentralize authority to release benefits” (fangquan rangli) in 1978 to “grasp the large and let go of the small” (zhuada fangxiao) adopted at the Third Plenary Session of the 14th Central Committee in 1995, the government’s policy has focused on reforming the old system which did not adapt to the demand of a market economy. In the mid1990s, China adopted the policy of “deregulation to render agile” (fangkai gaohuo) and privatization policy for smallsized stateowned enterprises. Many stateowned and collective SMEs reinforced their petitive activities through reform and “privatization”, which transformed the system of property rights and management. As for nonstateowned SMEs, China mainly adopted policies of relaxing policy restrictions, granting political acceptance and financial support, and gradually established a market environment of fair petition andSince the mid1990s, developing SMEs has been an important strategy in China. The Asian financial crisis of 1997 made the Chinese government and academic circles pletely rethink the shortings of the simplistic strategy that relied on large enterprises. The government and its institutions came to recognize the need to stress the development of SMEs. Later, a unified administrative framework for all types of SMEs began to take shape. Because of the successive governmental institution reform in 1998, some government departments of various industries were incorporated into the State Economic and Trade At the same time, a SME department was established in the State Economic and Trade Commission, the highestlevel prehensive management department in charge of reform。