Financial Instruments for Supporting Small and Medium-Sized Enterprises in Russia and China

Contemporary research on the financial support of small and medium-sized enterprises (SMEs) reveals a gap related to the limited comparability of national support models under conditions of financial system transformation and the increasing role of the state. A comparative analysis of Russia and China is of particular interest, as these countries employ different institutional approaches to ensuring firms’ access to financial resources. The aim of this study is to identify differences in financial support instruments for SMEs and to assess their effectiveness. To achieve this goal, the study examines sectoral dynamics, the structure of financing sources, and institutional support mechanisms in both countries. The methodological framework combines comparative and structural analysis with time-series analysis for the period 2019–2025. Data selection is based on the comparability of indicators such as the volume of lending, access to financial resources, and the cost of borrowed capital. The findings indicate that in Russia, the growth of SME lending outpaces income dynamics, reflecting an increasing reliance on debt financing and dependence on government subsidy and guarantee programs. In contrast, China demonstrates a higher level of access to finance due to coordinated banking policies, active state participation, and the development of digital financial platforms. It is established that the share of enterprises with access to credit resources in China is more than twice as high as in Russia, which contributes to higher rates of sectoral expansion. The practical significance of the study lies in the potential application of Chinese experience to improve the Russian SME support system, particularly in expanding access to finance and advancing the digitalization of financial infrastructure. The limitations of the study are associated with differences in statistical methodologies and the limited availability of detailed data. Future research should focus on evaluating the effectiveness of specific support instruments at the micro level.