Creation of new businesses and more innovative management at smaller firms are key to revitalizing the economy and boosting employment in this period of industrial maturity, according to a white paper issued Tuesday by the Small and Medium Enterprise Agency.
The 1999 White Paper on Small and Medium Enterprises in Japan was submitted by Kaoru Yosano, international trade and industry minister, to the Cabinet Tuesday. It was later endorsed at a Cabinet meeting.
The paper warns that the nation will face further economic contraction without innovation, in a broad sense, at smaller firms, whereas postwar growth depended largely on capital accumulation.