| Small and medium size enterprises (SMEs), irreplaceable in national economy and social development, are playing a more and more important role in the economy of China. The SMEs which have a huge employment capacity, prevailed in every corner of our country in the last decades of years. With immense ability of dynamic creation, the SMEs of China is now a major resource of national prosperity and an important force to build a mature market economy , accelerate the economic growth and achieve social stability. Governments all over the world are recognizing that the SMEs is a most important microeconomic fundamental in the economy and the development of the SMEs is a guarantee of the growth of national economy. The objective of this paper is to work out a better legal and policy framework for the sustainable development of the SMEs of China.On the basis of theoretical analysis and survey demonstration, this paper does a comprehensive evaluation on current government policies to accelerate the growth of the SMEs and focuses on the policy demand and supply analysis. The objective of this paper is to work out a better policy and legal warranty for the related fiscal and taxation system. The remainder of this paper is organized as follows. Section 1 defines the SME and shows us the specify objectives and the contributions of this paper. Section 2 reviews the most recent fiscal policies, together with their theoretical foundations, carried out by governments of several developing countries to accelerate the development of local SMEs. Section 3 analyzes the current fiscal and taxation policies by Chinese government to accelerate the development of the SMEs and shows some shortcomings in those policy bundles. Section 4 introduces the basic results from a survey performed by the author of this paper. Based on the feedbacks from 186 SMEs in Taizhou Area, this survey shows that the past decades saw several breakthroughs in the establishing and implementing of the fiscal and...
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