Chongqing - To foster the growth of small and medium-sized enterprises (SMEs), the 8th Chongqing SME Service Festival opened in Nanan District, Chongqing, on December 26. 

The festival features various activities like theme displays, building digital supply chain platforms, special forums, and service and production-sales matchmaking meetings. It aims to facilitate interaction between government, service organizations, and companies, enhancing Chongqing's industrial and supply chains. 

Representatives of government and SMEs communicated at the 8th Chongqing SME Service Festival. (Photo/Event organizer)

Develop SMEs to accelerate China's economic recovery

SMEs are a vital part of China's economy, comprising over 90% of its businesses and contributing more than half of its tax revenue. Data reveals that over 99% of the country's commercial and trade businesses are SMEs, spanning sectors like wholesale, retail, hospitality, trade logistics, e-commerce, residential services, foreign trade, and more.

Wang Bin, director of Circulation Industry Promotion Center Director, Ministry of Commerce, highlighted SMEs' crucial role in China's real economy transformation and consumption growth during the festival's opening ceremony. 

He observed that SMEs displayed improved key indicators in this year's first three quarters. Yet, challenges such as slow revenue recovery, limited liquidity, workforce cuts, and escalating costs hinder China's economic rebound, underscoring the need for enhanced SME support and development.

Chongqing's SMEs rise 10% from last year

Between January and November, Chongqing's retail sales hit 1,386.652 billion yuan (about 194 billion USD), showing an 8.9% increase. In terms of foreign trade, the import and export value reached 649.06 billion yuan, placing Chongqing 13th nationally and second in Western China.

The number of SMEs in Chongqing has risen to 1.1 million, a 10% increase from the previous year. These SMEs represent 96.02% of all businesses in the city.

Representatives from key industries and organizations launched a service initiative dedicated to SMEs. (Photo/Event organizer)

This year, the Chongqing Municipal Commission of Commerce has been instrumental in developing a comprehensive public service system tailored for SMEs. Efforts have been concentrated on enhancing service networks, consolidating service resources, and other measures to cultivate a supportive business environment.

The commission has also formed strategic alliances with 14 major service organizations, including the China General Chamber of Commerce, the Association of China Commercial Enterprise Management, and the China Federation of Logistics & Purchasing, to bolster the growth of Chongqing's SMEs.

Industry leaders and organizations have united to launch a service initiative for SMEs at the festival, focusing on innovative services for diverse enterprise needs like finance, marketing, management, and technology.