Small, micro-businesses become main force in Chinese market

Updated 2017-09-03 09:30:52 Xinhua

More than 80 percent of China's registered enterprises were small and micro-businesses by the end of July, said a senior official on Saturday.

The number of small and micro-sized businesses stood at 73.28 million at the end of July, among which 23.28 million were enterprises and 50 million were individual businesses, said Zhang Mao, head of the State Administration for Industry and Commerce.

Small and micro-businesses have become a major force in Chinese market, contributing greatly to employment, said Zhang, adding authorities will provide a business-directory for small and micro-businesses.

Meanwhile, authorities will improve information services for these businesses to sharpen their competitive edge and cultivate their own brands, said Zhang.

The government will introduce reform measures to create a better environment for innovation and development, according to a decision at a State Council executive meeting chaired by Premier Li Keqiang Wednesday.

The decision was made after pilot reforms have seen some progress in improving both institutional and market environments for entrepreneurship and innovation, and participants to the meeting agreed that it is time to introduce them nationwide.

To encourage innovation, support will increase for micro, small and medium-sized enterprises, especially to help them get financing, said a statement issued after the meeting.

Stronger protection will be given to intellectual property rights (IPR) through the establishment of one-stop IPR service centers, it said.

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