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China's newly established firms surge 46 pct in 2014

Source:   Time:

BEIJING, Jan. 22 (Xinhua) -- The number of newly founded companies in China surged almost 46 percent year on year to 3.65 million in 2014, the latest data showed.

The total registered capital of the new companies reached 19.05 trillion yuan (3.11 trillion U.S. dollars), marking a year-on-year increase of 99 percent, according to data released on Thursday by the State Administration for Industry and Commerce.

The government agency said that the number of newly established firms meant 10,600 new companies were set up each day since March of last year, when the country reformed its business registration rules, sparking a business startup boom.

The data also suggested that the majority of new companies established last year were in the tertiary industry, with their numbers hitting 2.87 million, up 50 percent year on year.

The number of new foreign-funded companies increased 5.76-percent to hit 38,400, the data showed. The rise also reversed consecutive drops for two years prior to 2014.

Apart from new companies, the country also saw a startup boom in individually owned businesses in 2014. These businesses employed a total of 250 million people across the country, up 14.26 percent from a year before, the data showed.

The State Council, China's cabinet, announced in February 2014 measures to reform business registration in an effort to ease market access by scrapping previous requirements for minimum registered capital for startups and simplifying complicated approval procedures.

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