Companies

Long-term goal crucial for growth of SMEs

(Xinhua)
Updated: 2010-10-04 08:46

GIFU, Japan -- A long-term goal by 2020 is essential for small and medium-sized enterprises (SMEs) in the Pan Pacific region to grow together rapidly, a Chinese official said during an APEC ministerial meeting held in Gifu of Japan on Oct2- 3.

Zhu Hongren, chief engineer of China's Ministry of Industry and Information Technology, said SMEs in many countries and regions, including China, experience similar challenges, so joint effort and a shared goal is needed for all the economies.

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For instance, the imbalance of development between different regions is one of the common problems. To facilitate the SMEs' growth in less developed regions is an urgent task for many APEC economies.

Besides, the SMEs are in nature vulnerable to global economic slowdown, and all economies should seek ways of eliminating various trade barriers that are hampering SMEs from expanding business, Zhu said.

To achieve common growth of SMEs, the member economies should share their experiences and help these companies to develop both at home and abroad.

"China, with 150 million people living under the property line drawn by the United Nations, is dedicated to work with other APEC economies to achieve growth with the help of the development of SMEs," Zhu said.

He also introduced the measures China has taken to assist the SMEs, such as creating various financing channels and providing information on market, employment etc.

During the two-day meeting held in Gifu city in central Japan, the APEC economies discussed effects of the global financial crisis on SMEs in respective countries and measures they have implemented to counter it, as well as their assessments.

The meeting is a timely event as SMEs are striving to recover from one of the worst economic recession in decades, said Muhamad Noor Yacob, executive director of APEC Secretariat, at the opening ceremony Saturday.