City to Focus on Developing Local SMEs

City to Focus on Developing Local SMEsExperts say that the foreign trade in the city is predicted to grow by 2 percent during the first half of this year and the exports are forecasted to jump by 33 percent. The GDP is also expected to grow by 9.5 percent or around 601 billion yuan in the first six months of this year. the city will also focus on developing local small and medium enterprises.

The city government will establish a 2 billion yuan fund for the support of the development of SMEs. The said fund will be financed by the government, venture capitalists and through donations will is only be used for the support of SMEs during their growth and start up periods. By the end of June around 99 percent of the 530,000 registered enterprises in Shenzhen are SMEs.

Local development wil be focus in Qianhai a 15 square kilometer coastal strip in Nanshan that both Shenzhen and Hong Kong are developing to be a modern service industry hub. As of now more than a thousand enterprises have already registered for the development in Qianhai.

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