Micro, small, and medium-sized enterprises (MSMEs) are the backbone of the global economy, accounting for over 90% of businesses worldwide. According to Matthew Wilson, chairman of the World Trade Organization’s Informal Working Group on MSMEs, these enterprises drive innovation, local economic growth, and social inclusion. Wilson highlighted the pivotal role of MSMEs during the ongoing China International Supply Chain Expo.
‘MSMEs are critical to the fabric of our global trade system,’ Wilson stated. ‘They are not just the majority of businesses; they are the engines of innovation and key contributors to economic development and social progress.’
China exemplifies this impact with over 52 million MSMEs, representing around 60% of the country’s GDP and 68% of its exports. These enterprises play a significant role in China’s rapid economic growth and integration into global markets.
The emphasis on MSMEs at the China International Supply Chain Expo underscores their importance in international trade. By fostering connections and sharing best practices, the expo aims to empower MSMEs to expand their global reach.
The success of MSMEs is particularly significant for young entrepreneurs and innovators in the Global South, where small businesses can drive sustainable development and create job opportunities. As the global economy evolves, supporting MSMEs becomes essential for inclusive growth and prosperity.
Reference(s):
cgtn.com
