China's newly registered firms up 38%

BEIJING - The number of newly established firms continued to surge on the back of government efforts to streamline the process for starting a business, according to official data.

About 348,200 new companies were registered in January, up 37.74 percent year on year, statistics from the State Administration for Industry and Commerce showed.

Notably, the number of newly registered firms in the tertiary industry surged 41.61 percent to 280,100, accounting for 80.44 percent of new companies.

By the end of January, the number of all types of registered market entities in China came in at 70.18 million, with registered capital totaling 133.05 trillion yuan.

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