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China pins growth hopes on SMEs

Sun Yu reports from Beijing

The Chinese government’s hopes for an economic recovery after economic growth slowed last year will depend largely on the animal spirits of small and medium-sized enterprises. Small and medium-sized enterprises, which account for the bulk of output, urban employment and tax revenue, have been hit hard by the pandemic.

Although China’s best-known private companies are tech giants such as Alibaba and Tencent, small and medium-sized enterprises – officially defined as companies with 1,000 or fewer employees – account for about 80% of total employment in China. 70% of a business’ total revenue, making them a valuable asset for any economic…

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