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- New survey exhibits over half of small companies anticipate to develop this yr.
- Over 90 per cent of small companies in Mainland China plan to innovate.
- Know-how investments increase income for almost all.
BEIJING, CHINA – Media OutReach – 21 April 2023 – Greater than half (56 per cent) of Mainland China’s small companies anticipate to develop in 2023. In the meantime, their investments in know-how and innovation can pay dividends, based on a brand new survey by one of many world’s largest accounting organisations.
CPA Australia’s Asia-Pacific Small Enterprise Survey reveals over one-third of small companies (35 per cent) in Mainland China are planning to extend their worker headcount this yr. The consequence was a slight enhance from 2022.
Mainland China’s small companies have persistently outstripped their Asia-Pacific friends for know-how use over the previous 5 years. This consists of incomes income from e-commerce, adopting digital cost applied sciences and utilizing social media for enterprise functions.
“In Mainland China, 87 per cent respondents come from companies older than 5 years. These companies demonstrated sturdy resilience throughout the pandemic and overcame many challenges,” mentioned Mr Lloyd Peng, President of CPA Australia’s North China Committee.
“Companies are utilizing the expertise gained from the previous few years to attempt for progress in 2023. For instance, by adopting cutting-edge know-how, innovating and bettering their prospects’ expertise.
“The federal government has introduced a collection of well timed insurance policies to assist micro, small and medium-sized enterprises. These measures purpose to enhance companies aggressive edge, ease financing circumstances, stabilise uncooked materials costs and promote innovation.
“If these coverage helps are applied in a constant and predictable approach, it may additional unleash the potential of small companies to attain high-quality progress.”
Mainland Chinese language respondents had been extra doubtless (41 per cent) to have sought skilled recommendation from IT consultants final yr than survey common (29 per cent). Additionally they intend to innovate strongly. Ninety-three per cent of Mainland Chinese language respondents plan to innovate in 2023, the very best within the Asia-Pacific.
“Mainland Chinese language small companies are reaping rewards from their concentrate on know-how. The bulk (61 per cent) discovered know-how investments final yr boosted income,” Mr Raymond Zhu, President of CPA Australia’s East and Central China Committee mentioned.
“Supported by authorities insurance policies such because the 14th 5-12 months Plan and further tax deductions for analysis and improvement, we anticipate this tech focus to proceed.”
“To make the commercialisation of recent services or products successful, we advocate companies begin by specializing in understanding modifications in buyer behaviour. We additionally encourage them to discover alternatives in markets such because the Better Bay Space, ASEAN and Belt and Highway markets.”
“Policymakers ought to evaluation and enhance particular person earnings tax insurance policies for companies from key industries. This may assist appeal to extra science, know-how, engineering and arithmetic expertise to the small enterprise sector.”
Easing of financing circumstances is crucial for enterprise success in 2023. The survey discovered that 90 per cent of Mainland Chinese language small companies anticipate to hunt exterior funds this yr. Forty per cent reported their most important cause to hunt funds is for survival, whereas 46 per cent intend to make use of funds for progress. Nevertheless, one-third anticipate it to be powerful to entry funds.
“Small companies usually have a low credit standing and inadequate collateral. Therefore, it could be tough to acquire finance from conventional sources equivalent to banks,” mentioned Mr William Huang, member of CPA Australia’s South China Committee.
“The survey exhibits small companies in Mainland China have numerous funding sources. This consists of banks (29 per cent), traders, enterprise capital or angel funds (30 per cent) and non-bank monetary establishments (18 per cent).
“Small companies with distinctive benefits, particularly those who have capability to introduce novel and specialised merchandise, usually tend to appeal to funding from traders. We advocate small companies pay shut consideration to their money circulate, forecast their monetary wants and optimise their enterprise fashions.”
Hashtag: #CPAAustralia #SME #Economics
The issuer is solely liable for the content material of this announcement.
About CPA Australia
CPA Australia is likely one of the largest skilled accounting our bodies on the earth, with greater than 172,000 members in over 100 international locations and areas, together with greater than 22,200 members in Better China. We now have workplaces in Beijing, Shanghai and Guangzhou. CPA Australia supplies thought management on native, nationwide and worldwide points affecting the accounting occupation and public curiosity. We interact with governments, regulators and industries to advocate insurance policies that stimulate sustainable financial progress and have optimistic enterprise and public outcomes. Discover out extra at 
cpaaustralia.com.au
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