IT'S not just the big resources companies that are benefiting from China's economic revolution.

Small Australian businesses are also jumping on the China bandwagon, as well as taking advantage of trading opportunities in other fast growing economies such as India, a private sector report released today shows.

Business consultants Grant Thornton International found that over the past year, 26 per cent of small and medium enterprises (SME) it surveyed had increased their business through trading with mainland China, while 47 per cent see globalisation as an opportunity for their business.

Far from being a threat, the economic growth of Brazil, Russia, India and China - the so-called BRIC economics - has been positive for businesses over the past two to three years, it said.

"It is no longer just the huge multinationals who are finding ways of taking advantage of the BRIC phenomenon," said Robert Quant, national chairman of Grant Thornton Australia.

"It will be critical for privately held businesses to continue engaging in these markets if they want to stay competitive ... particularly when you consider that the BRIC economies are expected to represent almost half of global GDP by 2050."

The survey found that SMEs in Queensland and Western Australia are leading the way in taking advantage of the booming Chinese economy.

In Queensland, the impact of the economic expansion in China has seen a 32 per cent increase in business in the past two to three years, while Western Australia recorded 36 per cent growth.

SMEs in these two states also see a greater opportunity to do business from globalisation at 58 per cent and 60 per cent respectively.

"The survey showed that you don't have to be a big fish like Rio Tinto or BHP Billiton to succeed in the Chinese market," said Tim Harcourt, chief economist at Austrade, the Government agency that promotes Australian exports.

"It is not all about resources.

"An Austrade survey about Women in Exports also showed Queensland and WA leading the way in terms of female entrepreneurship in education, tourism, and personal and professional services."

Mr Harcourt said India was also showing great promise for exporters with the growing middle class and favourable demographics.

Russia's energy sector was also drawing increasingly on Australian skills and technology in mining and agribusiness.

At the same time, Brazil has drawn on Australian expertise in mining and transport infrastructure, as well as agribusiness, telecommunications, tourism and education, Mr Harcourt said

Source : Xinhua

Small business jumps on China bandwagon