Entrepreneurial spirit alive, well in Zhejiang

People in East China's Zhejiang province seem eager to set up shop, as one out of 12.6 people in the province have their own business, said the Zhejiang Provincial Administration for Industry and Commerce.

According to the administration, 435,000 private companies were established in the province in the first quarter of 2014, a 50.9 percent increase from a year earlier. It also means 483 new private companies have been registered per day.

By the end of March, the province reported 2.6 million private company owners, with a total of 16.6 billion yuan ($2.7 billion) worth of capital.

Qiu Dongyao, director of the administration, said in addition to the fast-growing number of private companies, total revenue of the companies also increased rapidly.

"Emerging industries like information services, environmental protection and new-energy are showing great business potential," he said.