This paper first shows the development background and external impact of German SMEs. Then it analyzes the impact of the full release of liquidity by the European Central Bank on Germany, and introduces the fiscal policy formulated by the German government to ensure the development of small- and medium-sized enterprises and social employment under this situation, as well as the three characteristics of the policy: 1. Subsidies anchor fixed costs and achieve precise assistance to enterprises. 2. Simplify and accelerate the loan process, guarantee and reduce the financing risk. 3. Short term subsidies prevent unemployment, and tax adjustments mitigate the impact. Finally, this paper summarizes some enlightenment from the rescue of small- and medium-sized enterprises for China: 1. Innovate monetary tools and improve collateral ratings. 2. Implement fixed cost subsidies to accurately promote enterprise recovery. 3. Explore loan risk sharing mechanism and implement policy financing guarantee fund. 4. The loan repayment of the only house of the unemployed affected by the epidemic will be suspended for six months, and the interest rate will be reduced in a targeted way.
