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Profit gain for SMEs slows as costs climb
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Most of China’s small and medium-sized enterprises have seen profit growth slowing this year as costs rise and financing remains tight, the Xinhua news agency said yesterday, citing a survey by the Ministry of Industry and Information Technology.
Some of the firms in the survey of more than 2,000 were also finding it hard to get enough workers, the report said, adding that more than half complained of rising labor, raw material and financing costs.
“As the backbone of the country’s economy, such firms are in urgent need of having their tax burdens cut to alleviate their operating difficulties,” Xinhua quoted Zhu Hongren, the ministry’s chief engineer, as saying.
The ministry will establish a long-term mechanism to reduce small firms’ burdens, though the government has already taken measures to help them, Zhu said.
They included scrapping some taxes, moving to set up specialist financial institutions to lend to small firms and easing curbs on small firms issuing bonds.
The SMEs account for 60 percent of China’s gross domestic product and some 75 percent of new jobs created in the country, but they are struggling to cope with weaker global demand and tight credit.
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