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China's new companies surge on business registration reform

Source:   Time:

BEIJING, July 7 (Xinhua) -- About 1.27 million new companies have been registered since China streamlined business registration in March, 66.85 percent more than March-June last year, according to the latest official data on Monday.

Registered capital of these new companies totaled 6.54 trillion yuan (1.06 trillion U.S. dollars), up 56.9 percent year on year, according to the State Administration for Industry and Commerce.

China lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital on March 1, a move aimed at encouraging start-ups and energizing the economy.

Between March and June, the number of newly registered firms in the primary sector rose 72.19 percent year on year to 53,800, while that for the secondary industry and the tertiary industry reached 227,700 and 987,700, up 65.13 percent and 82.52 percent year on year, respectively.

By the end of June, the number of all types of registered market entities in China came in at 64.14 million, with registered capital totaling 115.05 trillion yuan. A total of 232 million people were self-employed or engaged in private businesses.

The January-June period also saw 17,700 new companies registered with foreign capital, up 6.31 percent from a year ago, reversing the year-on-year declines seen in the first half of 2013 and 2012.

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