BEIJING, March 23, 2018 /PRNewswire/ -- Mainland China's small businesses are experiencing strong growth and have become one of the most optimistic small business sectors in the Asia-Pacific, according to a new survey released on March 22.
The findings, from CPA Australia's ninth annual Asia-Pacific Small Business Survey, follow extensive surveying of nearly 3,000 small business operators in Malaysia, Vietnam, Indonesia, Hong Kong, Singapore, Australia, New Zealand and Mainland China.
Seventy-eight per cent of small businesses in Mainland China expect to grow in 2018 and 97.5 per cent of small business are confident that the local economy will remain the same or improve in the next 12 months. These are the best survey results for Mainland China since 2014.
Kevin Ng, member of CPA Australia North China Committee said the survey findings reflect a high level of optimism among small businesses in Mainland China, and highlight the importance of investing in technology. Four fifths of respondents from Mainland China reported that their investment in technology was already profitable last year.
"The high rates of technology use among Mainland China's small businesses is one of the key drivers of growth, with over 80 per cent of businesses in Mainland China earning more than 10 per cent of revenue from online sales -- ranking Mainland China at the top of the surveyed markets.
"Mainland China's small businesses are now leading the way in the use of technology -- including digital payment technologies and social media. The survey results reflect the positive outcomes of the Chinese Government's innovation-driven strategy to transform the economy, and policies that support SMEs and entrepreneurship," Ng said.
The survey also found that Mainland China's small businesses are the leaders in the application of fintech and the adoption of digital payment technologies, such as AliPay and WeChat Pay. Eighty-four per cent of respondents state that payments via these platforms make up over 10 per cent of their sales. Mainland China's small businesses also use fintech to access finance, with its small businesses being the most likely to access funding from peer-to-peer lending and crowd-sourced funding.
Ng suggested that along with the increasing use of technology in business and finance, small businesses should enhance their online security system to avoid cyberattacks and take a cautious approach to cryptocurrencies.
"With the corporate and individual tax reductions just announced by the Government -- and with continued innovation -- we believe Mainland China's small businesses are likely to continue to embrace technology in 2018 and further enhance their competitiveness in the region," Ng said.
About CPA Australia
CPA Australia is one of the world's largest accounting bodies, with more than 163,000 members working in 125 countries around the world. More than 25,000 members are working in senior leadership positions. It has established a strong membership base of more than 18,000 in the Greater China region.
About CPA Australia Asia-Pacific Small Business Survey
The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. The ninth CPA Australia's annual Survey, follow extensive surveying of nearly 3,000 small business operators in eight markets include Hong Kong, Mainland China (Beijing, Guangzhou, Shanghai and Chongqing), Malaysia, Vietnam, Indonesia, Singapore, Australia and New Zealand.
A summary of survey results for Mainland China can be viewed here:
The full results of the CPA Australia Asia-Pacific Small Business Survey can be viewed here: https://www.cpaaustralia.com.au/professional-resources/business-management/small-business/asia-pacific-small-business-survey
