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13 September 2009

China is top market for Singapore SMEs

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A survey conducted by the Singapore Chinese Chamber of Commerce and Industry, more than half of the respondents singled out China as their top destination for overseas ventures, while Malaysia was the second most popular market, local radio 938live reported.

The survey, which polled 1,046 companies across all business sectors here between May and July this year, also showed that 35 percent of SMEs said they had restructured their business to deal with the downturn, while 27 percent chose to revamp their business model.

The survey also showed that declining sales orders and intensified competition were the biggest problems for SMEs in the current environment, while 12 percent said they had difficulties securing bank loans.

About four in 10 local small and medium-sized enterprises (SMEs) are optimistic that economies in Asia will recover next year.


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