China vows to support small businesses amid work resumption

China pledged multi-pronged support to help small and medium-sized enterprises (SMEs) resume work and production, an official with the Ministry of Industry and Information Technology (MIIT) said Thursday.

Data from the ministry showed that work resumption rate for SMEs reached 84 percent as of April 15, while companies in the secondary industry outperformed those in the service sector, MIIT official Qin Zhihui told a press conference.

Qin said the resumption rate remained at a relatively low level for enterprises in sectors including hotels, catering, culture and sports and entertainment as they were hit hard by the COVID-19 epidemic, noting that micro firms are bearing mounting pressure in resuming work and production.

Meanwhile, the decline in both market demand and orders has been hindering SMEs as the virus spreads around the world.

To facilitate work and production resumption for SMEs, the ministry will promote the implementation of policies that were adopted earlier, while encouraging upstream and downstream firms along the industrial chain to work in synergy, Qin said.

The ministry also urged efforts to accelerate digitalization among those firms to nurture new drivers for the economy, and further improve the construction of the public service system.