The number of small and medium-sized enterprises in Guangdong province exceeded 5 million by the end of 2012, accounting for 99 percent of the province’s total businesses, said Zhu Xiaodan, governor of Guangdong.

“SMEs have played a big role in the province’s economic development, helping boost employment, push innovation and improve livelihoods,” Zhu said during the Global Summit of SME Leaders, which was held in Guangzhou, the provincial capital, on Sunday.

The summit, which was co-organized by foreign-funded Kingold Group, brought together key figures in the industry to discuss the current issues and difficulties facing the development of international SMEs.

According to Zhu, SMEs in Guangdong helped generate 646.8 billion yuan ($106.2 billion) in tax revenue, representing 89 percent of the province’s total, in 2012.

Zhu said international cooperation for SMEs will play a vital role for the recovery of the world economy.

“Deepened cooperation for SMEs in renewable resources, environmental protection, creative design and outsourcing service sectors will help forge a new growth engine,” Zhu said.