Recent survey findings from the CPA Australia North China Committee showed a high level of optimism among small businesses located in Mainland China. The survey also showed the importance of investing in technology and how it helped companies to increase its revenue in 2017.
According to Kevin Ng, member of CPA Australia North China Committee, one of the significant drivers among Mainland China’s small businesses is technology, with more than 80 percent of companies earning more than 10 percent of income from online sales alone.
“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,” Kevin Ng, CPA Australia North China Committee
Small businesses’ adoption of digital payment technologies
According to the recent survey, Mainland China’s small businesses are the top users of fintech application and in digital payment technologies. More than 84 percent of the survey’s respondents say that at least 10 percent of their overall revenue came via these platforms. Businesses also use fintech to access funds from crowd-sourced funding and peer-to-peer lending.
Ng also suggested that small business should consider enhancing their online security system to protect their network from any forms of cyber attacks such as illegal hacking and take precautionary measures when dealing with cryptocurrencies. Phishing, Trojan horses, and data breach are just a few examples of cyber attacks that small businesses are facing nowadays.
Ng believes that Mainland China’s small business is likely to continue utilizing technology to further develop the market competitiveness within the region. He also added that the government’s recent announcement about corporate and individual tax reductions could help the market improve even better.
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