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China's reform of administrative approval has generated a boom in startups, spurred new jobs and increased resident income, said an official on Wednesday.

In 2014, the number of newly-registered companies increased 45.9 percent and the registered capital increased 99 percent, and the two figures further increased 18.5 percent and 44.6 percent respectively in the first eight months of this year, said Lian Weiliang, deputy director of National Development and Reform Commission, at a press conference.

With the implementation of reforms, the achievements are gradually becoming evident. Lian said, the dynamism and vitality of development continue to increase, and the paces of industrial transformation and upgrading have quickened. Meanwhile, the coordination of urban and rural development is further enhanced, and the level of opening to the outside world is significantly improved. "The effect of the reform of the ecological civilization system is emerging. The social development and people's livelihood are further improved." Lian said when briefing on progress of key reforms.

He added that facing with the new normal, the stable and healthy development of economy in the long term must rely on reform and opening-up consistently. A unified and open, competitive and orderly marketing system is built to stimulate the vitality and creativity of market, foster the driving force of stable economic growth and promote structural adjustment.

This article was edited and translated from 《連維良:前8個(gè)月注冊資本增長44.6% 創(chuàng)業(yè)熱潮形成》, source: china.com.cn.