BEIJING -- The newly-revised Law on Promoting Small and Medium-Sized Enterprises (SMEs) has been implemented across China over the past year, yielding positive effects, according to a report released by the top legislature Wednesday.

The report, based on a law enforcement inspection conducted by the National People's Congress (NPC) Standing Committee from February to May, was submitted to the ongoing bimonthly session of the NPC Standing Committee for deliberation.

Central and local authorities have stepped up financial support by issuing a raft of tax cut and fee reduction policies, the report read, noting that 77 percent of the SMEs have been benefited.

The fund-raising difficulties for enterprises have been alleviated, the report said.

As of the end of March, the banking sector's outstanding loans to small and micro-sized enterprises stood at 34.77 trillion yuan (5.06 trillion U.S. dollars), up 9.55 percent year on year, the report said.