Luo Wen:

I'd like to add that the China-U.S. trade friction will hamper the development of the small and medium-sized enterprises (SMEs) in both countries. The United States made an announcement to impose 10-percent additional tariffs on US$200 billion worth of Chinese products from Sept. 24. Millions of SMEs will be targeted. Objectively speaking, the China-U.S. trade friction not only damages the interests of SMEs and consumers, but also threatens the security of the global industry chain and supply chain.

As always, China develops amid obstacles and difficulties. Nothing is impossible to overcome. We have confidence and are capable of helping SMEs to get through this hard time.

Statistics in the first seven months of this year show that the performance of small and medium-sized enterprises above the designated size was generally sound. The value added was up by 7 percent year-on-year. The revenue of the principal activities was up by 9.5 percent year-on-year and the total profit was up by 11.4 percent year-on-year.

The next step:

Firstly, we will continue to expand domestic demand, give full play to the advantage of huge markets in China, and lead SMEs to develop in a professional, precise, characteristic and novel manner

Secondly, we will actively open new markets and firmly support SMEs to involve in the Belt and Road Initiative and develop the markets along the routes.

Thirdly, we will vigorously streamline administration, cut taxes and reduce administrative fees to stimulate the vitality of small and medium enterprises. Thank you.

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