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Support for small business buffers effects of global downturn

(China Daily)

09:15, November 03, 2011

Workers make clothes at a clothing factory in Huaibei city, Anhui province, earlier this month. Provided to China Daily

BEIJING - As the world looks at China ahead of the G20 summit in Cannes, France, the country's private sector is going through a hard time.

To deal with the woes, the central government has recently released a series of supportive policies targeting smaller businesses struggling in the swirl of a global downturn and inflation, experts said.

China's private economy is undergoing what might be the toughest time in its 30-year development, said Zhou Dewen, chairman of the Wenzhou Small and Medium-sized Enterprises Development Association.

"The challenges come from both home and overseas," Zhou said, explaining that renminbi appreciation, fewer orders and higher tariffs are squeezing earnings from the global market, while higher labor and material costs are raising expenditures.

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