China’s Ministry of Industry and Information Technology revealed that it is taking the lead in drafting a series of documents supporting the development of small and medium-sized enterprises (SMEs), Securities Daily reported on Thursday.

The documents will involve fiscal and taxation policies, aiming to ease the financing difficulties and costs for private companies and SMEs, said Qin Zhihui, deputy director of the small and medium-sized enterprise bureau at the ministry during during a press conference in Beijing.

The documents also concern how to improve public service for small and micro companies and better stimulate local vitality, Qin added. It is expected to be reviewed an upcoming meeting of the State Council.

 SMEs are deemed essential to the Chinese economy, as they currently make up more than 90% of all enterprises in China.