ROME, Feb. 23 (Xinhua) -- Small- and medium-sized enterprises (SMEs) -- key parts of the economy in both Italy and China, according to participants at the latest Italy China Foundation conference -- will play a major role in the continued development of economic ties between the two nations, participants said.

The foundation's latest report, entitled "The Role of SMEs in Relations Between Italy and China: Scenario Analysis and Indications of Partners and Businesses," looks into opportunities for economic cooperation for small- and medium-sized businesses in Italy and China after the coronavirus pandemic.

The 90-minutes "virtual" conference brought together over 80 analysts, consultants, foundation associates, and owners of SMEs.

Li Bin, minister counselor for economic and commercial affairs at the Chinese Embassy in Italy, told participants that "China remains an immense market for Italian companies that seek to seize the opportunity."

Italy China Foundation President Mario Boselli made a similar point, predicting that China would be a "key partner" for Italy's post-pandemic economic recovery.

"I think 2021 will be a turning point for the health of many economic operators, with opportunities to be seized in the renewed context of a China that promotes domestic consumption and fosters strong economic relations."

The report noted that SMEs generate 60 percent of China's gross domestic product (GDP), and are responsible for 80 percent of the country's urban employment and 80 percent of its exports. Similarly, while 3.5 percent of the Italian companies exporting to East Asia are SMEs, they are responsible for more than half of the country's overall exports.