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October 18, 2016

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New firms continue to surge in China

THE number of newly founded companies in China continued to surge in the first three quarters on government efforts to streamline the process for starting businesses.

A total of 4.01 million new firms were set up from January to September, up 27 percent from the same period of last year, data from the State Administration of Industry and Commerce showed yesterday.

An average of 14,600 new firms were set up daily, surpassing the average of 12,000 recorded in 2015, SAIC said.

China has 83.72 million market entities, said SAIC.

The growth in newly registered firms was due to China’s continued efforts to improve the business environment by facilitating business registration and fostering new growth impetus, said SAIC spokesperson Yu Fachang.

Between January and September, the number of newly registered firms in the tertiary industry rose 27.6 percent to 3.25 million, taking up 81.1 percent of new companies.


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