November 05, 2024 17:07 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
COVID-19: China's small businesses still struggling to recover
China
Image: Pixabay

COVID-19: China's small businesses still struggling to recover

| @indiablooms | 04 May 2021, 03:24 am

Beijing: China's small businesses are still failing to add to the country's economic recovery as they are struggling to still deal with the damage done to them by COVID-19.

Like the U.S., China has tens of millions of small and medium-size private businesses, including restaurants and shops, which form the backbone of everyday economic activity. They account for as much as 80% of urban jobs and at least half of China’s tax revenue, reports The Wall Street Journal.

While businesses have benefited from China’s strong rebound this year, many are still trying to overcome weak consumer demand, rising operating costs and tight credit from banks that don’t want to sink more money into wounded companies, the newspaper reported.

Their struggles add a layer of uncertainty to China’s recovery. Many small businesses are reluctant to hire more workers, surveys show. Some say they are at risk of failing if conditions don’t improve substantially, reports The Wall Street Journal.

China has earned international criticisms over its handling of the COVID-19 pandemic issue.

The virus is still suspected to have originated from China.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos