Endnotes

¹As for how private enterprises judge the PRC's post-World Trade Organization situation, the survey showed that only 7.5% of the enterprises had considered that a large flow of foreign products would bring adverse impacts to their own enterprise. Only 6.6% of the private enterprises acknowledged that the appearance of more foreign-funded enterprises may mean more competitors, while 12.0% of the enterprises reported to unclear on the issue. Finally, 10.0% of the enterprises had not even considered this issue. All around services for SMEs conducted by the PRC government and various intermediaries were just started, which lagged far behind those of developed countries.

²In the loan structure of the first quarter of 2009, short-term loans catering to SMEs accounted only for 25%. Those loans decreased by CNY300 billion from January to February, and so SMEs are still facing difficulty in terms of financing.

³Two indicators are needed for judging the room issuing bonds in a country. These are the deficit rate (deficit/GDP) and the debt load rate (debt/GDP). However, the practiced international standard is that the central finance deficit rate is 3% and the state bonds debt load rate is 60% of the GDP. In 2007, the government issued an additional sum of CNY1.5 trillion in special state bonds, making the state bonds debt load rate increase rapidly to 21.64% in 2007; it still has a long way to go before reaching the international warning line of 60%.

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