SMEs in China deserve more support
Based on the data of China Association of Small and Medium Enterprises, SMEs contribute 60% of China’s GDP but only get less than 25% of total bank loans and receive fewer resources from the government. As the CEO of BPOVIA, one of SMEs in Nanjing, James Huang said, “To make larger contribution to China’s GDP, we need more support to enlarge our business”, the stronger the SMEs are, the better will be for China’s future.
Business experts also said that SMEs deserve more support from the central government.
Long Yongtu, secretary-general of the Boao Forum and former vice-foreign trade minister, once said at a forum to discuss the development of a central business district in Shenzhen that the world’s top 500 companies are greatly respected, but the ultimate element to decide our economic success is the development of SMEs.
The majority of SMEs are privately owned, but they will not develop into ideal state until the government ends its discrimination and gives fair treatment to firms.
Small-and medium-sized enterprises are becoming more and more important in China. And in some parts of the country, such as Guangdong province, they have become a key part of he-tech industry.
Economists agreed that government should give a hand to SMEs especially during the hard time.
As Premier Wen Jiabao urged, local governments should readjust and improve policies to support SMEs, since they play a crucial role in “promoting economic growth, increasing fiscal revenue, providing jobs and maintaining social stability”.
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China is one of the world’s great growth markets and is likely to be for many years to come. Foreign companies often face difficulties in assessing Chinese market demand and enacting effective strategies because of the language barriers, culture differences, and high expense.
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