Newly founded firms rise
Print Edition
THE number of newly founded companies in China continued to surge on government efforts to streamline the process for starting businesses, official data showed yesterday.
About 844,000 new companies were registered in the first quarter of this year, up 38.4 percent from the same period of last year, according to data from the State Administration for Industry and Commerce.
The registered capital of these new companies totaled 4.8 trillion yuan (US$774 billion), up 90.6 percent year on year.
China lifted restrictions on minimum registered capital, payment deadlines, down payment ratios and cash ratios of registered capital on March 1, in a move to encourage startups and energize the economy.
Between January and March, the number of newly registered firms in the tertiary industry went up 41 percent to 677,000, accounting for 80.2 percent of new companies.
“China’s business reforms have prompted social capital to invest in emerging industries and the service sector, which is conducive to ongoing economic restructuring,” said Chen Dun, associate professor with Beijing Technology and Business University.
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