Reports yet to be released by the Academy of Social Sciences suggest that 40 percent of small to mid size businesses were hit by the financial crisis and went bankrupt, while 40 percent of the remainins businesses are struggling for survival. Most of them lack the assets to secure business loans.
Small to Mid size businesses account for 99 percent of the total businesses in China, contributing 60 percent of the GDP and 50 percent of the national tax income. They provide over 75 percent of the job opportunities for local regions.
Source: Huan Qiu, June 28, 2009