! ѣളቅᗤ㔅㩛㘻䈹ḛ2021ᒪӂᆙᓜᣛ઀ ᳞2021ᒪпᆙᓜѣളቅᗤ㔅㩛ؗᗹ᤽ᮦᣛ઀ Online Survey of Micro-and-small Enterprises (OSOME): Quarterly Report (2021Q2) and Confidence Index (2021Q3) ्ӢཝᆜԷѐཝᮦᦤ⹊ガѣᗹ Center for Enterprise Research, Peking University ्Ӣཝᆜѣള立Ր〇ᆜ䈹ḛѣᗹ Institute of Social Science Survey, Peking University 㲸㲷䳼ഘ⹊ガ䲘 Ant Group Research Institute 㖇୼䬬㺂 MYbank 2021ᒪ7ᴾ July 2021 ! 䈹ḛᣛ઀৸ф㘻 ᕖᲉ⌘Ƚᆊ⏑ȽᶞᄋለȽ⧁޿޿Ƚᢵᆆ⨰ȽԱᱬᆽȽࡎ⺋ ᶄᥥ঄Ƚ⧁㣩Ƚ傢Ᲊፕ ᢶᵥ᭥ᤷφ㲸㲷䳼ഘ⹊ガ䲘Ƚ㲸㲷䳼ഘᇘᡭ։僂਀ᵹⴀؓ䳒䜞Ƚ㖇୼䬬㺂 ! ᪎㾷 㔝ਇᐹɅѣളቅᗤ㔅㩛㘻䈹ḛ2020ᒪпᆙᓜᣛ઀ɆɅѣളቅᗤ㔅㩛㘻䈹ḛ2020ᒪ഑ᆙᓜᣛ઀ɆɅѣളቅᗤ㔅㩛㘻䈹ḛ2021ᒪжᆙᓜᣛ઀Ɇҁ੄θ2021ᒪ6ᴾθ्ӢཝᆜԷѐཝᮦᦤ⹊ガѣᗹȽ्Ӣཝᆜѣള立Ր〇ᆜ䈹ḛѣᗹф㲸㲷䳼ഘ⹊ガ䲘Ƚ㖇୼䬬㺂㔝㔣䙐䗽㓵р䈹⹊ᒩਦੇ⍱䏹ቅᗤ㔅㩛㘻䳅ᵰਇ᭴䰤ভθ᧘ḛቅᗤ㔅㩛ᴶ᯦᛻߫Ⱦ㔅䗽њઞᰬ䰪Ⲻᣋ᭴θާ䇗ഔ᭬ᴿ᭾ᆑভ12495ԳȾṭᵢѣⲺቅᗤ㔅㩛㘻ᒩൽࡑ䙖ቧѐውփ㓜6.9ݻѠθ࠼։⧦֒ެѰ੮㓩ቧѐⲺѱ࣑ߑⲺ䀈㢨Ⱦቅᗤ㔅㩛㘻ᰘᱥᡇള立Ր㔅⎄ਇኋⲺ∑㓼㹶㇗ૂѣඐ࣑䠅θੂᰬഖެ㿺′′′′㙂ޭᴿ⢯⇀Ⲻ㜼ᕧᙝȾ ะӄᵢ䈹⹊Ⲻ࠼᷆θᡇളቅᗤ㔅㩛㘻൞2021ᒪᅴӂᆙᓜⲺ㔅㩛⣬ᘷȽ᭵ᆔ᭥ᤷ㩳൦᛻߫Ƚᮦᆍौ䖢ශȽሯᵠᶛⲺ人ᵕᅀᯯ䶘੾⧦ԛс⢯⛯φ 1Ƚቅᗤ㔅㩛㘻᮪։㔅㩛⣬᮪߫։ഔ᳌Ⱦ⴮∊ржᆙᓜθቅᗤ㔅㩛㘻ᵢᆙᓜ㩛ѐ᭬ޛȽ࡟߶⏜⦽਀⧦䠇⍷㔪ᤷ⣬߫ൽᴿᡶ᭯஺θᒩൽ䳽઎ӰᮦᴿᡶᨆॽȾԛ⯡᛻ࢃⲺ2019ᒪੂᵕ֒Ѱ∊䖹ะ߼θ㔅㩛ᚘགྷ∊ׁᴿᡶᨆॽȾ 2Ƚᐸ൰䴶≸у䏩ૂᡆᵢু࣑ᤷ㔣ᡆѰቅᗤ㔅㩛Ⱁ⛯Ⱦфржᆙᓜ㊱ղθദᢦቅᗤ㔅㩛㘻Ⲻѱ㾷ഖ㍖ԃᱥᐸ൰䴶≸⯨ᕧૂᡆᵢδ⢯ࡡᱥ〕䠇εⲺু࣑Ⱦ࠼㺂ѐᶛⵁθ䴶≸у䏩ૂ㔅㩛ᡆᵢੂᰬሯ⎾䍯ᵃࣗѐᶺᡆћጱ᥇ᡎχሯ୼ѐᵃࣗѐૂߒ᷍⢝⑊ѐ㙂䀶θᶛ㠠ᐸ൰䴶≸Ⲻু࣑ᴪѰシ࠰χ㙂㔅㩛ᡆᵢࡏᱥᔰᆄȽࣖᐛ࡬䙖ѐⲺᴶཝⰑ⛯Ⱦ 3Ƚ᢬ᤷ᭵ᆔሯቅᗤ㔅㩛㘻㾼ⴌ∊ׁᴿᡶᨆॽθᲤ᜖ᙝⲺい᭬᭥ᤷ᭵ᆔ㾼ⴌ∊ׁ䖹ެԌ᭵ᆔᴪ儎Ⱦуੂ㓝ࡡคᐸ䰪਍ⴀ∊ׁᐤᔸуᱴ㪍θռуੂ㺂ѐȽ㿺′′′′ૂ㔅㩛′′′′ᕅҁ䰪ᴿᡶуੂȾどቧ ! ѐ᭵ᆔ㾼ⴌᔰᆄȽࣖᐛ࡬䙖ѐⲺ∊ׁ䖹ެԌ㺂ѐᴪ儎θޢਮ࡬Էѐ䖹Ѡ։ᡭᴪཐӡ਍ࡦ᢬ࣟ᭵ᆔθੂᰬ䟽⭞㓵р㓵с㔅㩛′′′′ᕅⲺቅᗤ㔅㩛㘻䖹ঋж′′′′ᕅ㧭ᗍ਺㊱᭥ᤷⲺ∊ׁᴪ儎Ⱦ 4Ƚቅᗤ㔅㩛㘻〥ᶷ䙐䗽㓵р㔅㩛ૂᮦᆍौ䖢ශ໔ᕰ㠠䓡丝ᙝθᴿ᭾ᓊሯ࠱ߨȾ䙐䗽ᮦᆍौ䖢ශθ׹䘑ቅᗤ㔅㩛⭕ᆎਇኋθԃᴿ䖹ཝグ䰪Ⱦ᯦䘇ࡑѐⲺቅᗤ㔅㩛㘻ᴪཐ䟽⭞㓵р㔅㩛θᐨᴿቅᗤ㔅㩛㘻ѣᕋޛ⭫ᆆؗᚥौ㌱㔕Ⲻ∊ׁҕᴿᡶᨆॽȾᕋޛᮦᆍौ㔅㩛ᢁ⇫᭯஺Ҽቅᗤ㔅㩛⣬߫θռੂᰬཝ䠅ᴿᝅ᝵Ⲻቅᗤ㔅㩛㘻᝕ࡦᰬ䰪ૂ㋴࣑਍䲆㙂ᰖ⌋࠼ݻᣋޛᮦᆍौ䖢ශȾ 5Ƚቅᗤ㔅㩛㘻㷃䍺䴶≸ᰰⴑθٕ䍭䴶≸䖹ржᆙᓜᴿ䖹ཝᑻᓜᢟᕖθ㠠ᴿ䍺䠇ᡌ⮏ᆎ᭬ⴀᡆѰᴶѱ㾷㷃䍺⑖䚉Ⱦ൞⯡᛻᧝࡬䖹ླⲺཝ㜂Ქсθቅᗤ㔅㩛㘻㷃䍺䴶≸Ⲻ∊ׁૂ䠇仓䜳ᴿᡶᨆॽθቚԛжӂ㓵คᐸૂ࡬䙖ѐᴪѰシ࠰Ⱦжᇐぁᓜрᗍⴀӄ⧦䠇⍷᭯஺θᵢᆙᓜቅᗤ㔅㩛㘻ㆯ䍺Ⲻᴶѱ㾷⑖䚉Ѱ㠠ᴿ䍺䠇ᡌ⮏ᆎ᭬ⴀθ൞⭩䈭䍭vⲺቅᗤ㔅㩛㘻ѣθ㓵рᯯᕅԃᱥ⭩䈭ૂ㧭ᗍ䍭vⲺѱ㾷䙊ᖺȾ 6Ƚቅᗤ㔅㩛㘻ሯ2021ᒪпᆙᓜⲺ㔅㩛ؗᗹ᤽ᮦᤷ㔣ੇླθ᮪։ሯᵠᶛ人ᵕ䖹Ѱ҆㿸θռ޻䜞ᆎ൞ᐤᔸȾᙱ։㙂䀶θቅᗤ㔅㩛㘻൞ᐸ൰䴶≸Ƚӝ䠅ૂ㩛ѐ᭬ޛᯯ䶘ؗᗹ㔝㔣ؓᤷ൞҆㿸॰䰪θሯ㩛ѐᡆᵢⲺ人ᵕ㲳❬ԃѰᛨ㿸ռᴿླ䖢䏁ࣵθሯ䳽઎㿺′′′′Ⲻ人ᵕр㺂ᒬ俌⅗シ⹪㦙ᷥ㓵Ⱦռ࠰⧦⯡᛻ⲺᒵђⴷሯቧѐⲺ人ᵕքӄ㦙ᷥ㓵Ⱦп㓵คᐸሯ䳽઎㿺′′′′Ⲻ人ᵕքӄжӂ㓵คᐸȾ ! Abstract The Center for Enterprise Research and the Institute of Social Science Survey at Peking University, in collaboration with Ant Group Research Institute, conducted a new wave of Online Survey of Micro-and-small Enterprises (OSOME) in June 2021. OSOME is a continuing effort to gain a better understanding of China’s micro-and-small enterprises and self-employed businesses. Using Alipay, one of the biggest online payment platforms in China, the recent survey collected a total of 12,495 valid responses from micro and small business operators, each employing, on average, 6.9 workers. In light of the massive number of China’s small-and-micro enterprises (SMEs), they undoubtedly play a vital role in generating employment amid economic shocks. The key findings of the second quarter 2021 survey are summarized as follows: 1. The overall operational status has significantly improved. Compared with previous quarters, SMEs have improved their business income, profit margin, cash flow, and employment. Taking the same period of the year 2019 before the epidemic as a benchmark, the rate of business recovery has also increased. 2. Cost escalation and weak demand remain to be two key challenges facing SMEs and self-employed businesses. Both demand and operating costs pose severe challenges to the consumer services industry. For commercial services and agriculture, forestry, animal husbandry, and fishery, the pressure from the demand side is more prominent, while operating costs are the biggest challenge for the construction and manufacturing sectors. ! 3. The coverage of supporting policies for SMEs has increased, and tax reduction is the most inclusive. The employment stabilization policy has covered a higher proportion of construction and manufacturing industries than others, and corporate enterprises have enjoyed more support policies than self-employees. Also, SMEs adopting both online and offline business modes have received more support than their counterparts. 4. SMEs have been adopting online businesses and digital transformation to enhance their resilience to cope with shocks. Newly established SMEs are more prone to operate online, and a growing number of incumbent enterprises have adopted electronic information systems. Digital transformation has improved their businesses, but many SMEs potentially willing to adopt digital methods are limited by their time and energy to learn. 5. SMEs have strong financing needs, which have expanded significantly compared with the previous quarter. Due to the improvement of cash flow status, own funds or retained earnings have been the most important source to raise funds this quarter. Among SMEs who applied for loans, online financing was still the primary way for them. 6. The confidence indexes have continued to improve, indicating an overall optimistic outlook. SMEs continue to maintain confidence in market demand, production, and revenues in the positive territory. Although their expectations for cost escalation are still pessimistic, the cost confidence index has grown since the last quarter. Expectations for employment have returned to the