SME Development Index
The SME Development Index, a composite measure of the operational health of SMEs, rose marginally to 89.2 for Q3 2023. Although this represents an improvement, the figure is still below the critical 100-point benchmark, indicating that expansive growth remains elusive. Policy measures aimed at stabilizing employment and lowering taxes have yielded some positive results, evidenced by a stable labor index at 106.2.
Macroeconomic Sentiment Among SMEs
The macroeconomic sentiment index, indicative of SMEs’ outlook on future growth, saw a minor uptick to 98.9. Market and investment indexes also registered slight increases to 81 and 83.3, respectively.
Despite the encouraging signs of recovery and consumer spending, SMEs continue to struggle operationally. The efficiency index remains at 74.3, suggesting increased revenue has not translated into increased profitability.
Golden Week Metrics
The Golden Week, an extended public holiday in China, resulted in an uptick in consumer spending. 826 million domestic journeys were recorded during this period, an increase from previous years and a robust 71.3% YoY growth. Tourism revenues reached $104.68 billion, marking a 129.5% YoY increase.