BEIJING, April 15 -- The number of newly founded companies in China continued to surge on government efforts to streamline the process for starting businesses, official data showed on Wednesday.
About 844,000 new companies were registered in the first quarter of the year, rising 38.4 percent from the same period last year, according to data from the State Administration for Industry and Commerce.
The registered capital of these new companies totaled 4.8 trillion yuan (783 billion U.S. dollars), up 90.6 percent year on year.
China lifted restrictions on minimum registered capital, payment deadlines, down payment ratios and cash ratios of registered capital on March 1 in a move aimed at encouraging start-ups and energizing the economy.
Between January and March, the number of newly registered firms in the tertiary industry went up 41 percent to 677,000, accounting for 80.2 percent of new companies.
"China's business reforms have prompted social capital to invest in emerging industries and the service sector, which is conducive to ongoing economic restructuring," noted Chen Dun, associate professor with Beijing Technology and Business University.
J-11 fighters in air exercise
Beauties dancing on the rings
Attendants-to-be join Mr. & Miss Campus Contest
Beijing's toughest anti-smoking law takes effect
Family lives in cave for about 50 years in SW China
PLA soldiers operating vehicle-mounted guns in drill
Blind carpenter in E China's Jiangxi
China hosts overseas disaster relief exercise for the first time
20 pairs of twins who will become flight attendants in Sichuan
Obama is sowing discontent in S.China Sea
Rescuers work through night to reach cruise ship survivors
Driving through limbo
Facing down MERSDay|Week
