making account receivables and inventory eligible collaterals, establishing a floating charge system, protecting bona fide purchase, expanding party autonomy, defining the rule of priority in a clear-cut manner, designating the institution for the registration of account receivables, defining the principles for the registration of floating charge and rules for the registration and charging of security interest, which have already been written into the Law on Real Rights enacted on March 16, 2007.
The launch of the Law on Real Rights is of great significance to the development of the credit market, prevention and mitigation of financial risks and easing the financing difficulties of SMEs. SME financing is a worldwide challenge, and it is more difficult in developing countries.