China's small and medium-sized enterprises (SMEs) reported steady recovery in the first half of 2024, with the total value added by SMEs with annual revenues over 2.8 million U.S. dollars rising by 7.4 percent year on year, according to the latest data from the Ministry of Industry and Information Technology.
From January to June, SMEs using specialized technologies to produce novel and unique products saw continuous growth. In particular, "little giant" firms, new elite SMEs specializing in niche markets with advanced technologies and strong potential, experienced a 9.3 percent increase in electricity consumption compared to the same period last year.
Out of the 31 major manufacturing sectors in China, 23 saw a rise in total profits for SMEs in the first six months of the year, with the proportion of growing sectors increasing by 6.5 percent compared to the first quarter, the ministry's data showed.
The equipment manufacturing and consumer goods manufacturing sectors saw profit growth of 5.0 percent and 11.4 percent from the same period last year, respectively, with growth rates accelerating in the second quarter compared to the first quarter.
In terms of exports, Chinese SMEs also show promising prospects, with the export index reaching 52.8 percent in the second quarter.
China's SMEs report steady recovery in H1
China is strongly dissatisfied with and firmly opposes U.S. abuse of Section 301 to hike tariffs on some Chinese goods, the Ministry of Commerce said Saturday.
The Office of the United States Trade Representative on Friday announced final modifications concerning the statutory review of the tariff actions toward China under Section 301.
China has repeatedly lodged solemn representations with the U.S. side concerning the Section 301 tariffs, said a spokesperson for the ministry.
The World Trade Organization (WTO) has already ruled that the Section 301 tariffs violate WTO rules. However, instead of rectifying its wrongdoings, the U.S. side further increases tariffs on Chinese products, adding one mistake to another, said the spokesperson.
The move is a typical practice of unilateralism and trade protectionism, said the spokesperson, adding that it seriously undermines the international trade order, as well as the security and stability of global industrial and supply chains.
Moreover, the move not only fails to solve the United States' own problems concerning trade deficits and industrial competitiveness, but also pushes up prices of U.S. imports and forces U.S. companies and consumers to bear the additional costs.
The 2024 Report on WTO Compliance of the United States, which was released Thursday by the ministry, once again expressed serious concern over the U.S. abuse of Section 301, and pointed out that the United States is a "disrupter of global industrial and supply chains."
The U.S. side had previously sought public opinions on the results of the Section 301 tariff review. The majority of opinions either opposed the imposition of additional tariffs or requested broader tariff exemptions.
This shows the Section 301 tariffs are unpopular among the U.S. public, said the spokesperson.
The United States should rectify its wrongdoings immediately and remove all additional tariffs on Chinese goods, the spokesperson said, adding that China will take necessary measures to firmly safeguard the interests of Chinese enterprises.
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
