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China moves to ease pressure of commodity price rises on SMEs

Abstract : China will act to address the challenges facing the country's small and medium-sized enterprises (SMEs) due to the recent hike in commodity prices, officials said Tuesday.

Aerial
photo taken on Feb. 19, 2021 shows a cargo ship docking at Meidong Dock
of the Ningbo-Zhoushan port in Ningbo, east China’s Zhejiang Province.
(Xinhua/Huang Zongzhi)

BEIJING,
June 1 (Xinhua) — China will act to address the challenges facing the
country’s small and medium-sized enterprises (SMEs) due to the recent
hike in commodity prices, officials said Tuesday.

Wang
Jiangping, vice minister of industry and information technology, said
at a press conference that the ministry will step up price monitoring
and work together with other government departments to deal with the
pressure on SMEs brought by the sharp rise in raw material prices.

Due
to multiple factors, especially the seepage of global price rises into
the Chinese market since the beginning of this year, some commodities
have seen an extended price rally, with the prices of some varieties
hitting new records.

The
sharp rises had an especially big impact on SMEs and individual
businesses, which are yet to fully recover from the COVID-19 impact and
have limited bargaining power, said Chen Zhijiang, an official with the
State Administration for Market Regulation.

The
market regulator will tighten supervision to punish market speculation
while implementing measures to support SMEs to mitigate the impact of
rising costs, said Xiong Maoping, vice head of the administration.

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China moves to ease pressure of commodity price rises on SMEs

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