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People's Daily Online>>China Business

SME rescue efforts boost employment

By Chen Xi (China Daily)

08:28, December 09, 2011

KYOTO, Japan - Struggling companies are getting more support from the Chinese government to keep and create jobs, a senior labor official said.

China intends to create 9 million to 10 million jobs a year, but experts say the worsening situation faced by small and medium-sized enterprises (SMEs) in coastal regions complicating the effort.

To ease the problem, the nation will introduce more active fiscal and financial policies to help SMEs to survive, and thus sustain employment and create jobs, said Wang Yadong, deputy director of employment promotion department at the Ministry of Human Resources and Social Security, on Monday.

"More forceful tax breaks and social security subsidies, as well as easier financing channels for SMEs will be created soon," said Wang, who attended the International Labour Organization's (ILO) regional meeting in Kyoto.

Many export-oriented companies in coastal areas have seen orders dwindle because of the weak markets in the United States and Europe and the sovereign debt crises in the eurozone. Some have gone bankrupt, leading to job losses.

China's more than 40 million SMEs account for about 80 percent of workers in urban areas.

In October, the nation's export growth stood at 15.9 percent, the lowest year-on-year rise in eight months, according to government figures.

"Many SMEs in coastal areas such as Zhejiang and Guangdong provinces are in trouble. They desperately need funding to survive," said Chen Lantong, vice-president of the China Enterprise Confederation.

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