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Push through the Transformation of Chinese Economy with SMEOI

Date: 2016-05-13

Li Junlin from Renmin University of China

There is no doubt that the economic downturn and the transformation of economic structure have imposed a lot of pressure on the Chinese economy and society in the current phase, which not only drives us to reflect the extensive growth mode in the past, but also helps us look forward into the future, pondering over the economic transformation in the next step. Today, the “Economic Daily-PSBC Small and Micro-sized Enterprise Operating Index” (hereinafter referred to as “SMEOI”) enters into the sight of the public for the first time. It will do good to China’s small and micro-sized enterprises (SMEs), and perfectly reveal the changes in the country’s economic policies.

Broadly speaking, an economic index is usually used to reflect the relative number of total economy changes. Obviously, in addition to the relative number of SME operation, the SMEOI also displays the quantitative changes of SMEs in terms of risk, financing, confidence, procurement and other aspects from various levels. This index, in fact, is composed of an index system. With this system, the basic characteristics are summarized from the operation of SMEs in China, and then shown in the form of data, which will certainly support the growth of SMEs in China, and help to achieve the economic transformation. After all, many fast growing technology enterprises are developed from SMEs, and many of them are still SMEs. Their growth trend plays an indispensably decisive role in determining the transformation of the Chinese economy.

First of all, the index includes the overall operation of small and micro-sized industries in the structure, and has a general introduction to the structural characteristics of SMEs. Such a basic description is helpful to the economic decision-making department and the financial industry, the relevant upstream and downstream industries to have a general judgment for SMEs’ growth state, so as to make decisions and targets for the next stage.

Secondly, the index further details and quantifies all kinds of structural growth. The detailed analysis in an industry can help the upstream and downstream industries to judge the operating situation of the industry and make reasonable choices for more efficient operation of the industry. With the analysis, industry authorities and even other macroeconomic management agencies can allocate resources reasonably.

Therefore, how to release the index timely and effectively and make full use of the index should be a common concern of the whole society. Just imagine, if each industry index can guide the decision-making of the relevant authority, it will contribute to stabilizing the irregularly fluctuated economy and realizing the economic transformation in China.