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Abstract The difficulty and high-cost financing of the small and medium enterprises (SMEs) is a universal problem and has unique characteristics in China. The financing problem of SMEs is inherent and is intensified under the condition of asymmetric information. Both developed and developing countries have raised its importance to a strategic height in solving this problem, and have constructed specific policy systems to support the development of SMEs, so as to fill the gap of market mechanics. We should learn the mature experiences from foreign countries but at the same time consider the unique approaches in financial reform, the development plan of financial market, and the overall characteristics of real economy in our country, to develop a balanced short-term, medium and long-term development strategy, and carry out a comprehensive reform to improve the financing environment of SMEs from different aspects such as law, industry, finance and banking.
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Received: 20 September 2015
Published: 19 April 2018
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