A vendor arranges seafood at the Fushansuo Market in Shinan District of Qingdao, east China's Shandong province, Aug 7, 2023. (PHOTO / XINHUA)

BEIJING — China's small and medium-sized enterprises (SMEs) recorded an increase in their activities in 2023, industrial data showed Wednesday.

The Small and Medium Enterprises Development Index, based on a survey of 3,000 SMEs from eight major industries, came in at 89.2 in 2023, higher than 88.4 in 2022, the China Association of Small and Medium Enterprises said in a report.

The sub-index for accommodation and catering climbed 1.6 points in 2023, the sub-index for construction gained 1.3 points

The report attributed the increase to booming consumption, fixed assets investment, and high-tech industry development.

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The sub-index for accommodation and catering climbed 1.6 points in 2023, the sub-index for construction gained 1.3 points, and that for information transmission, computer services, and software edged up 1.1 points.

The data mirrored improving confidence of enterprises and their performances, the report said.

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The index contains multiple sub-indexes to gauge the performances and expectations of SMEs. A reading above 100 reflects an upward trend in business, while a reading below 100 indicates dented vitality.