BEIJING — China has experienced a boom in new company registrations since streamlining the process for starting business in March.
About 2.65 million new companies were registered in the first nine months of 2014, rising 52.44 percent from the same period last year, data from the State Administration for Industry and Commerce showed on Oct 14.
The registered capital of these new companies totaled 13.42 trillion yuan ($2.18 trillion), up 99.76 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, a move aimed at encouraging startups and energizing the economy.
Between January and September, the number of newly registered firms in the primary sector rose 38.4 percent year-on-year to 112,900, while that for the secondary industry and the tertiary industry reached 453,000 and 2.08 million, up 35.93 percent and 57.47 percent year-on-year, respectively.
By the end of September, the number of all types of registered market entities in China came in at 66.7 million, with registered capital totaling 121.95 trillion yuan.