As Epidemic Wanes, 72% of Small and Midsize Businesses Are Back to Work
What’s New: An average of 71.7% of small and midsize enterprises in China were back in business as of Tuesday, an increase of 42.1 percentage points from a month ago, according to the Ministry of Industry and Information Technology.
Most enterprises with specialized technologies and better innovative capacities in Hunan and Sichuan achieved nearly full resumption following weeks of widespread shutdowns to contain the Covid-19 virus, a ministry official said.
Authorities will provide more support to industries with long business chains such as autos and electronics to drive a broader business recovery. About 50 large enterprises and more than 7,000 smaller suppliers will be picked for support, the official said.
Background: China is gradually relaxing restrictions to resume economic and social activities after nearly two months of lockdowns effectively contained the Covid-19 pandemic. However, outside China business is grinding to a halt in more countries as governments step up measures to contain the raging disease.
Chinese authorities have rolled out a series of policies including subsidies and preferential taxes to bail out small businesses and push the economy to return to normalcy.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
Contact reporter Han Wei (firstname.lastname@example.org)
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