Monday, March 30, 2020

tens of millions of Chinese SMEs at risk

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Despite state support measures, only a third of Chinese SMEs resumed part of their operations in mid-March.

Chinese restaurateurs wearing masks in Hubei Province on March 26, 2020.
Chinese restaurateurs wearing masks in Hubei Province on March 26, 2020. CHRISTMAS CELIS / AFP

Mme Wang (*) manages around fifteen restaurants in Beijing. Two months after the start of the epidemic, and as the Chinese capital slowly begins to come alive, four of its eleven restaurants deliver a few meals a day to their homes. The rest remain closed. No opening date is planned. “To put it very simply, my turnover has dropped by 100%”, she says. Normally, it is between 300,000 and 400,000 yuan (aka renminbi or RMB) (40,000 to 51,000 euros) per restaurant and per month. Currently, the law obliges him to continue paying the equivalent of a minimum wage, which covers rents and food, to his 50 employees who stayed in Beijing, at a cost of 700,000 RMB (90,000 euros) per month. .

M’s businessme Wang is one of the millions of SMEs strangled across China by Covid-19, which has shutdown almost the entire economy. In total, the second largest power in the world has over 25 million SMEs

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