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H1 witnesses crumbling of SMEs
06
Aug '08
According to the SMEs Division of the State Development and Reform Commission, due to various factors like the slowdown of international economic situation and domestic macro structural adjustment, a considerable number of small and medium enterprises are facing funding strand breaks and other difficulties this year.

Nearly 1/10 of above scale SMEs achieved a growth rate of nearly 30 percent in industrial added value, over the first half of 2008, showcasing a drop of 15 percent when compared to same time of last year.

According to preliminary statistics, nearly 67,000 of above scale SMEs collapsed during the first six months of this year.

The textile industry has more than 10,000 small and medium enterprises closed, while almost 2/3 of textile enterprises are facing restructuring.

At present, SMEs create around 60 percent of GDP with ultimate product and service value and they provide around 50 percent of total tax revenue for the State. SMEs have become the main channel for generating employment, it provides job opportunities to most of the laid-off workers from state-owned enterprises and migrant workers.

Experts believe that, with the growth of SMEs, the State can maintain financial, employment as well as social stability. Thus, for maintaining social stability, supporting SMEs has become a 'must-choice' for the Government.

Any positive initiatives for small and medium enterprises will be beneficial to social prosperity and stability.

Fibre2fashion News Desk - China

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