Latest News:  
Beijing   Sunny    20 / 9   City Forecast

Home>>China Business

Cash-trapped enterprises see dawn break amid strong gov't support

(Xinhua)

10:40, October 17, 2011

A few machines run relied on temporary generators in a powered-off workshop in Wenzhou, east China's Zhejiang Province, June 30, 2011. (Xinhua/Han Chuanhao)

BEIJING,Oct. 17 (Xinhuanet) – As China's central and local governments have taken multiple relief measurements to help private firms, more small- and medium-sized enterprises trapped in the liquidity crunch are now seeing dawn break.

Previous media reports stated that small- and medium-sized enterprises (SMEs), which contribute to 60 percent of China's industrial output and create 80 percent of the country's jobs, have faced an unprecedented crisis this year as they struggle to survive a fund shortage amid the country's tightened macroeconomic control policies.

At least 80 cash-strapped businesspeople in the city of Wenzhou, east China, have committed suicide or gone into hiding to invalidate more than 10 billion yuan in debt owed to individual creditors pooled from the private lending market.

News of the incidents has even made waves in the central government. During a visit to Wenzhou on Oct. 5, Premier Wen Jiabao urged financial support for debt-laden small businesses.

According to Xinhua, an official investigation has shown that the crisis has now largely been kept under control, while some of the runaway small-businessmen are returning in the last week.

【1】 【2】 【3】

Email|Print|Comments(Editor:陈乐乐)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Farmers harvest rice in Tianjin, north China

  2. China tops worlds medal tally

  3. 7th National Intercity Games opens

  4. NE China gets first taste of winter

Most Popular

Opinions

  1. Rising inequlity threatens growth legitimacy
  2. China upholds peaceful development
  3. Proposed currency bill harms US, China
  4. Fallout sure to follow US currency bill
  5. China insists exchange rate reform market oriented
  6. China: No interference in Syria's internal affairs
  7. Military force, sanctions cannot solve Syrian crisis
  8. China-US trade war no good for anyone
  9. Yuan can't solve US problems
  10. No need to sweat over Senate yuan bill

What's happening in China

Activists pay to rescue 800 dogs

  1. Resellers charge top dollar for early iPhone 4S
  2. Alleged dealer killed self, police say
  3. Lifestyle leads to rise in breast cancer rates
  4. 5.0-magnitude quake jolts China's Xinjiang
  5. Passengers worried by lunch boxes

PD Online Data

  1. Challenge to the traditional view of love and marriage
  2. House means happiness? Young Chinese' home-owning dream
  3. Fighting AIDS,China is acting
  4. Worldwide Confusius Institutes
  5. Chinese Qingming Festival