MSMEs: The Unsung Heroes of Global Trade
Micro, small, and medium-sized enterprises (MSMEs) are the backbone of the global economy, accounting for more than 90 percent of businesses worldwide. These enterprises are not only driving innovation but also fostering local economic growth and promoting social inclusion, according to Matthew Wilson, chairman of the World Trade Organization's Informal Working Group on MSMEs.
Speaking at the ongoing China International Supply Chain Expo, Wilson highlighted the significant contributions of MSMEs to global trade. \"MSMEs are essential for creating jobs, stimulating innovation, and ensuring economic resilience,\" he stated.
The Chinese mainland stands out as a prime example, boasting over 52 million MSMEs. These businesses contribute around 60 percent of the country's GDP and account for 68 percent of its exports, underscoring the pivotal role MSMEs play in not only the Chinese economy but also in the broader context of international trade.
As the global economy continues to evolve, supporting MSMEs will be crucial for sustaining growth and ensuring that the benefits of economic progress are widely shared.
Reference(s):
cgtn.com
