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A vendor sleeps at a shop in Beijing, in this November 17, 2013 file photo. Small and medium enterprises (SMEs) are already the heart of China's economy, providing 80 percent of urban employment and 60 percent of GDP. But the country's financial infrastructure is largely geared to state firms. So although China has announced a volley of rate cuts to stabilise its battered stock market and reverse a slowdown in growth, SMEs are experiencing little or no benefit, underlining concerns about the world's second-biggest economy. The central bank has cut official lending rates five times since November 2014 by a total of 1.4 percentage points to 4.6 percent. But instead of falling, lending rates to SMEs have risen by 2 percentage points as willing lenders become scarce. (Photo by Jason Lee/Reuters)
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