Core Insights - The Small and Medium Enterprises Development Index (SMEDI) for September in China is reported at 89.0, a slight decrease of 0.1 points from the previous month, but higher than the same period last year [2][5] Summary by Categories Overall Index - The overall index decreased from 89.1 in August to 89.0 in September, indicating a slight decline in the business environment for SMEs [3][5] Sub-Indices - Among the sub-indices, 2 increased while 6 decreased. The labor index rose by 0.1 points to 105.8, and the efficiency index increased by 0.2 points to 74.0. Other indices such as macroeconomic sentiment, comprehensive operation, market, cost, funding, and investment indices all saw declines ranging from 0.1 to 0.4 points [3][5] Industry Performance - In terms of industry performance, three sectors (construction, transportation, and wholesale retail) saw increases in their indices, while four sectors (industry, real estate, information transmission software, and accommodation catering) experienced declines [3][5] Regional Performance - Regionally, the western region's index rose by 0.1 points to 88.4, while the eastern and northeastern regions saw declines of 0.2 and 0.1 points, respectively. The central region remained stable [4][5] Key Characteristics - Development expectations have been adjusted downward, with the macroeconomic sentiment index at 97.8, down 0.2 points. The market index is stable at 81.1, with five out of eight surveyed industries showing an increase [5][6] - Funding conditions are tightening, with the funding index at 100.3, down 0.2 points, and seven out of eight industries reporting a decrease in funding [5][6] - Labor demand has slightly decreased while supply has increased, with the labor index at 105.8, reflecting a demand index of 97.3 and a supply index of 114.2 [5][6] - Investment willingness remains stable, with the investment index at 82.4, down 0.1 points, and four out of eight industries reporting an increase [5][6] - Cost pressures are improving, with the cost index at 111.7, down 0.1 points, and six out of eight industries reporting a decrease in costs [5][6] - Overall, corporate efficiency has slightly improved, with the efficiency index at 74.0, up 0.2 points, supported by ongoing cost reduction and efficiency enhancement policies [5][6] External Environment - The external environment remains complex and challenging, with slow domestic demand growth. However, there are opportunities for SMEs as some indicators show a stable upward trend. Recent macro policies and regional efforts to boost consumption are aimed at creating more growth opportunities for SMEs [6][7]