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Workers at a pipe company in Guannan Coastal Industrial Small and Medium Enterprise Park prepare a batch of MPP power protection pipes for delivery in Lianyungang, east China's Jiangsu Province, October 25, 2021. /CFP
China's Small and Medium Enterprises Development Index (SMEDI) halted its decline and stabilized in October, as the country rolled out a package of policies to shore up the private sector, industry data showed Wednesday.
The index, based on a survey of 3000 small- and medium-sized enterprises (SMEs), posted 88.2 in October, the same level registered in September, said the China Association of Small and Medium Enterprises.
Source: China Association of Small and Medium Enterprises
The sub-index for the construction industry rose by 0.2 points in October, marking the most significant increase among all sectors tracked. The sub-indexes for industry and transportation edged up 0.1 points.
The recovery of these three indexes is primarily thanks to the country's efforts to scale up lending for capital expenditure and support private investment in major projects, said Ma Bin, executive vice president of the China Association of Small and Medium Enterprises.
In addition, the macroeconomic sentiment index, which reflects the confidence of SMEs in future development, climbed 0.2 points in October, while the market index, which reflects the state of market demand, rose one-tenth of a point. Meanwhile, the labor and efficiency indexes both ticked up 0.1 points.
These figures indicate that market demand continues to recover, the effects of macroeconomic policies are being felt, and market expectations are gradually stabilizing, said Ma.
"We believe that with the continuous implementation of the policies to stabilize the economy, there will be more positive changes in the development of SMEs in the future," Ma stressed.
(Cover via CFP)
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Disinformation report hotline: 010-85061466