China's SMEs can cooperate more for long-term success

China's small-to-midsize companies should embrace more cooperation to achieve long-term development, said a senior official at a recent forum.

He Pijie, co-chair on the commission board of the 2018 World Convention of Small and Medium Enterprises, said he looks forward to more cooperation between SMEs in various fields with different forms and perspectives.

"Cooperation grants SMEs a shared future and gives each party more insight for business growth," said He, adding that their development will contribute to a global economic boom.

SMEs' cooperation with domestic and overseas companies has been getting more support from central and local governments, with one being China's preferential policies to increase SME access to finances.

Beijing, for instance, announced earlier in March that it will shorten the financial guarantee process and cut guarantee costs.

Held in Beijing from June 23 to 24, the 2018 World Convention of Small and Medium Enterprises invited over 1,000 officials and executives from more than 30 countries for discussions on the subject. Topics also include blockchain and SME opportunities under China's Belt and Road Initiative.

Bao Ruili, a delegator for Li Yong from the United Nations Industrial Development Organization, also said at the forum that they expect tightened cooperation with Chinese SMEs, and will offer support in their connections with governments and companies on a global scale.

SMEs have the advantage of excelling in specific fields, compared with conglomerates whose businesses cover multiple fields, said Hermann Simon, an expert in management and marketing.

He Pijie also cited tech innovation as pivotal for SMEs' long-term development.