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Impacts of the Global Financial Crisis on Small and Medium Enterprises in the People's Republic of China

Author

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  • Liu, Xiangfeng

    (Asian Development Bank Institute)

Abstract

This paper conducts an in-depth analysis of the impacts of the global financial crisis on the People's Republic of China's (PRC's) small and medium enterprises (SMEs). It also provides relevant policy suggestions at the end. First, this paper reviews the impacts of the 1997 Asian financial crisis on the PRC's SMEs, evaluating the policy measures for coping with the crisis at that time and summarizing the relevant experiences. Second, it analyzes the impacts of the current global financial crisis on the PRC's SMEs, focusing the discussion on the causes of and resulting problems from SMEs' shrinking export markets via reduced export orders, rising operating costs, decreased efficiency, increased shutdowns, sharply rising unemployment, weakened investment confidence, broken lines of funding, and reduced resources. Third, the paper makes a preliminary analysis of the countermeasures taken by the government of the PRC, focusing on its support policies for SMEs and the problems exhibited in the implementation of those policies. Finally, the author makes policy suggestions for boosting the development of SMEs and puts forward relevant measures in the context of an SME credit guarantee, the expansion of financing institutions and channels, tax reductions, the improvement of service systems, and strengthening SMEs' self-construction mechanisms.

Suggested Citation

  • Liu, Xiangfeng, 2009. "Impacts of the Global Financial Crisis on Small and Medium Enterprises in the People's Republic of China," ADBI Working Papers 180, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0180
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    Cited by:

    1. Tambunan, Tulus T.H., 2011. "Crisis-Adjustment Strategies Adopted by SMEs in Coping with the 2008-2009 Global Economic Crisis: The Case of Indonesia," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 8(1), pages 1-21, June.
    2. Marko Peric & Vanja Vitezic & Ana Peric Hadzic, 2020. "Firm Size €“ Firm Growth Relationship During Economic Crisis," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 29(1), pages 29-53, june.
    3. Marco Guerzoni & Consuelo R. Nava & Massimiliano Nuccio, 2019. "The survival of start-ups in time of crisis. A machine learning approach to measure innovation," Papers 1911.01073, arXiv.org.
    4. repec:ags:phajad:199095 is not listed on IDEAS

    More about this item

    Keywords

    global financial crisis; impact on prc smes;

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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