China sees continued surge in new firms

BEIJING - 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, official data showed on Monday.

A total of 4.01 million new companies were set up in the Jan-Sept period, rising 27 percent from the same period last year, according to statistics from the State Administration of Industry and Commerce (SAIC).

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

China has a total of 83.72 million market entities, said SAIC.

The growth in newly registered enterprises was a result of 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 went up 27.6 percent to 3.25 million, accounting for 81.1 percent of new companies.

China's improved business environment has prompted social capital to invest in emerging industries and the service sector, which is conducive to ongoing economic restructuring and industrial upgrading, said Yu.