"4.37 Million Small Chinese Businesses Closed from January to November This Year... Reflecting Current Economic Conditions"
[Asia Economy Reporter Ki-min Lee] Hong Kong's South China Morning Post (SCMP) reported on the 31st that the number of small businesses that closed in China from January to November this year was 4.37 million.
SCMP cited data it obtained independently, stating that while 4.37 million small businesses closed in China by November this year, the number of newly established small and micro enterprises was only 1.32 million.
This marks a stark contrast compared to last year, when 6.13 million small and micro enterprises were newly established in China.
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Regarding this, SCMP noted, "Considering that the Chinese government regards more than 40 million small and micro enterprises as the backbone of the private sector in China, this data appears particularly significant," adding, "Their difficult situation reflects the current economic conditions, where forecasts suggest that China's GDP growth rate in the fourth quarter could fall below 4%."
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