Small and medium-sized enterprises are digging into northeastern China

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A dynamic economy is largely powered by a vibrant small and medium-sized enterprise sector. The 10th Annual APEC Small and Medium Enterprises Technology Conference in Shenyang, northeast China's Liaoning Province showcases this in a big way.

For years, small and medium-sized enterprises (SMEs) have benefited from starting businesses in countries like Singapore. They have taken advantage of its unique geographic location and mature business environment. Gu Yong, the chairman of one aquaculture company from Singapore has just made his first investing move in China, the destination — northeast.

Gu Yong, the chairman from Lim Shrimp Singapore. /CGTN Photo

“We've done the research, northeastern China is a region where the economy mainly relies on large state-owned enterprises. Which means, for individuals and small startups, the options for the types of business they can start with is limited. We are here to fill the gap,” said Gu Yong, the chairman from a Singapore-based aquaculture company.

SMEs employ over half the workforce of APEC economies, with their share of GDP ranging from 2-50 percent in the majority of the APEC family. And this time, many exhibitors have come to the conference to look for inspiration.

Tang Yijun, the governor of Liaoning Province gives speech at the opening ceremony. /CGTN Photo

China's northeast, traditionally dominated by heavy industries has long struggled to keep up with rapidly growing regions on the east coast where the SMEs play a leading role in the economy. The conference this week opens the door for many local SMEs to learn more.

Wang Jian, an assistant manager of a SME in Shenyang, said, "I think the task of many SMEs at the early stage of the business is to survive. We found a need in the market, then turned it into an actual business. In this process, a sound business environment is everything."

Thepthai Suriyalaksh, the president of SMEs Association of Thailand. /CGTN Photo

For nearly 30 years, APEC has created effective networks for communication among officials and businesses, which has built significant mutual trust. The SMEs that attended the Shenyang conference are hoping to further smoothen out differences and identify shared interests.