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Minister: 300,000 Mid-and-small-size Companies Out of Business

A sample survey shows that 7.5% of the country’s mid-and-small-size companies have gone out of business since the end of 2008, according to Li Yizhong, China’s Minister of Industry and Information Technology. The percentage amounts to an estimated more than 300,000 businesses, using total of 4.3 million in year 2007. Li said that mid-and-small-size companies account for 99% of the nation’s enterprises, 80% of the total employment, and 60% of the size of the economy. Amid the current financial crisis, they are particularly hit hard.

Source: Ta Kung Pao, March 11, 2009