Even communist countries are jumping on the small business bandwagon.
China is implementing new programs to support its small businesses. They include help for starting a business, obtaining credit guarantees, and improving personnel training.
Consider these statistics about China’s small and medium enterprises (SMEs):
“Official statistics show that the number of SMEs registered in China had exceeded 3.6 million by the end of 2003. In addition, another 27.9 million individuals are running their own household businesses in the country. These two categories account for 99.6 percent of the country’s total enterprises.
Though SMEs contribute to 55.6 percent of the country’s GDP (gross domestic product) and over 75 percent of urban job opportunities, they are still faced with restrictions and obstacles in many respects, said Wang Chunzheng. Due to these factors, SMEs are still in a weak position in terms of access to information, technology, human resources, finance and market, according to Wang.”