China Promoting Small Businesses

/ Tax

Author: Henry Ejdelbaum

Tags: China, Manufacturing, small businesses, SME

We have recently seen some statistics to suggest that China have finally plateaued their growth. I’m sure that anyone in the U.K wouldn’t bat an eyelid considering the sizeable amount of cash they have in their reserve fund. The main highlight that effects the UK business community and although indirectly there is something to take away; China approach their manufacturing industry slightly differently to the UK, they are flexible, supportive and do whatever they can to promote small businesses, whatever the economic climate. In particular, the manufacturing industry (which China are famous for) has slowed and Chinas reaction was to suspended value added tax and turnover tax for small businesses with monthly sales of less than 20,000 yuan (around £2,125) starting from 1st August.

I think there is scope in Britain to be more adaptive to change and when our small businesses are slowing we need to support and promote them to ensure they continue to boost the British economy.

Let me know if you agree or if you think that money, time and effort should be spent else where.

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