Number of New Businesses Continues to Increase
The number of newly registered enterprises in China continues to increase during the January to May period. As official data have shown and indicated that there is an easier market access and an improving environment for businesses.
The percentage of new firms has jump 22.9 percent from a year ago or around 1.62 million for the first five months. Reforms in the business environment further unleashed market vitality and stimulated creativity even amid the economic slowdown. China continues to intensify its efforts to facilitate business registration starting last year and has removed minimum capital requirements and replaced annual company inspections with a reporting system and loosens site requirements for businesses as well.
New businesses in the service sector saw the most increase especially in May which accounted for around 80 percent in total. This pushed China to aim in further developing the service sector into a pillar industry that can hopefully drive the economy and further boost employment.