皇冠体育app

Small- and medium- sized enterprises have contributed more than 50 percent to 皇冠体育app's annual economic growth over the past years. And yet, the global economic crisis is putting the squeeze on the profitability and overall outlook for SMEs, especially in the foreign sector.

The 2012 APEC SME Summit wrapped up in Chengmai in 皇冠体育app's island province of Hainan today. Participants are vowing to step up their cooperation and meet the challenges ahead.

皇冠体育app's SMEs account for 95 percent of the total number of companies in 皇冠体育app.

But over the past two years, the majority of Chinese SMEs have been struggling to survive. They suffered from shrinking profits, as 皇冠体育app's exports were hit by the ongoing global economic downturn.

During the three-day 2012 APEC SME Summit that gathered thousands of entrepreneurs and economists from the Asia-Pacific region, experts warned that the challenges haunting SMEs this year will continue in 2013.

Zuo Xiaolei, chief economist of Galaxy , said, "SMEs in the processing industry trade sector are going to face tremendous challenges next year, as their traditional competitive edge will continue to vanish. SMEs in neighbouring countries such as Vietnam and Malaysia are growing in this sector. So we're suggesting that it's urgent for 皇冠体育app's SMEs to speed up their transition and upgrading process."

皇冠体育app's slower export-driven economic growth this year has urged the government to speed up the transition of the traditional economic development model, and to rely more on the domestic market.

Betty Ku, Regional Head of 皇冠体育app & North East Asia SME , Standard Chartered, said, "Firstly, we expect that the recovery of the world economy will be slow. So particularly for SMEs, they need to find their new operation space. 皇冠体育app will continue to focus on its domestic consumption. This provides chances for SMEs. They should also focus more on innovation."

Officials and participants at the summit also suggest that SMEs in the region should combat trade protectionism to create a more favourable for the smaller businesses which are vulnerable to the global economic slowdown.

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