August 15, 2024 11:01 GMT
MNI BRIEF: Beijing H1 SME Revenues Slip
MNI (BEIJING)
MNI (MNI (BEIJING)) - Small and medium-sized enterprises in Beijing reported lower revenues and a decline in employment in the first half of the year, data showed on Thursday.
The data came as local governments face a struggle to implement China’s new growth-orientated urbanisation policy due to tight fiscal resources and a weak labour market. (See MNI: China’s Urbanisation Target Needs Broader Reforms)
Beijing SME’s H1 revenues fell 1.3% y/y to CNY3.9 trillion, data from the Beijing Municipal Bureau of Statistics showed. They employed 3.05 million persons in the first half, a decline of 3.6% y/y. Their profits, however, rose, hitting CNY173.86 billion, up 10.4% y/y.
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