BEIJING — The number of newly registered enterprises in China continued to rise in the Jan-May period, official data showed, indicating easier market access and an improving environment for businesses.
New firms jumped 22.9 percent from a year ago to 1.62 million in the first five months, according to a report released on June 12 by the State Administration of Industry and Commerce (SAIC).
Reforms for the business environment have further unleashed market vitality and stimulated creativity, the SAIC said.
Amid economic slowdown, China has been intensifying efforts to facilitate business registration since last year, removing the minimum capital requirements, replacing annual company inspections with a reporting system and loosening site requirements for businesses.
New businesses in the service sector saw the most rapid increase in May, accounting for nearly 80 percent of the total. China aims to develop the sector into a pillar industry that can drive the economy and boost employment.