A survey of 163 companies of all sizes across China found that less than half were able to get back to work this week, according to investment bank China International Capital Corp, which published the results. Even more alarming: A third of roughly 1,000 small and medium-sized companies surveyed by academics from Tsinghua University and Peking University last week said they could only survive for a month with the cash they have.
That could spell terrible news for China's entrepreneurs — and an even worse reality for the country's economy. About 30 million small and medium-sized businesses contribute more than 60% of the country's GDP, according to government statistics published last September. The taxes they pay account for more than half of government revenue, and they employ more than 80% of China's workers.