Levelling the playing field for SMEs in China: European Chamber’s recommendations included in revised China SME Promotion Act
First coming into effect in 2003, the SME Promotion Act underwent a recent revision in late 2016.
European SMEs are traditionally strong in the development of new technologies and providing related services.
Providing support to SMEs has been a long-standing policy of the European Union, particularly helping them to establish businesses and succeed overseas.
Having changed profoundly in just 10 years, it is perfectly conceivable that the pace of change to China’s business landscape will increase further over the next decade.
One of the keys to SMEs’ success is a focus on long-term economic growth and financial stability.
Although China is gradually shifting to a consumer-driven economy, opportunities for domestic consumer goods companies are actually becoming scarcer.
The digital economy has become a crucial driver for China’s economic development, and its market is now a global leader, opening new opportunities for foreign business.
The process of digital globalisation is allowing enterprises to expand their reach beyond what they may have previously thought possible, in an efficient and cost effective way.