Strong support for market entities reaffirmed, the number exceeds 150 million

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An employee works at a vehicle production plant in Qingzhou, Shandong Province, on Thursday. [Photo by Wang Jilin/For China Daily]

More efforts will be made to support entities or enterprises in the Chinese market to inject vitality into the market and stabilize economic fundamentals, as the number of market entities reached an all-time high at the end of last year, according to the country’s top market regulator on Thursday.

“Accelerated measures will be taken to strengthen fair supervision and create a competitive and orderly environment for market entities, in particular by strengthening the position of competition policies, improving the application of anti-monopoly law and preventing the ‘disorderly expansion of capital,'” said Pu Chun, deputy head of the State Administration for Market Regulation.

Pu said market entities contribute to 700 million jobs in the country and have helped boost China’s GDP to more than 100 trillion yuan ($15.76 trillion), playing a essential role in economic development.

“The country will also continue to reform business systems and related rules and regulations for market entities, including regulations covering registration procedures, to boost their vitality and creativity,” he added.

According to the SAMR, the number of market entities registered nationally reached a new high of 154 million at the end of last year, up 11.1% year on year, including 48.42 million are companies and 103 million are individuals or self-employed persons. salaried, industrial and commercial households.

Last year alone, more than 28.87 million market entities were newly created, marking a year-on-year increase of 15.4%. Among them, 3.84 million are linked to the new economy, which represents 42.5% of the total number of newly created companies during the period.

Notably, foreign-funded enterprises continued to show an upward trend from the second half of last year with 61,000 new such enterprises established last year, an increase of 23.3% year on year, which fully demonstrates the improvement of the business environment in China and the attractiveness of this very large market for foreign investors,” said Yang Hongcan, head of the registrar of the SAMR.

Wang Peng, associate professor at Hillhouse Research Institute of Renmin University of China in Beijing, said: “To some extent, the Chinese economy will experience good momentum if market entities, especially small businesses , remain solid. Many of them are increasingly recognized. for their role as leaders of new concepts and new business models.

“But they tend to become vulnerable when faced with external pressures such as soaring raw material costs, so more focused efforts are needed to meet the challenges.”

The SAMR also said on Thursday that more efforts will be made to help small and medium-sized businesses. Over the past year, the administration and relevant authorities have offered free training to more than 90,000 companies and 127 accredited bodies have offered targeted assistance to more than 5,000 SMEs in 36 sectors.

“These efforts have offered practical help to small businesses like ours. A more timely policy will help bail out some temporary difficulties, especially those resulting from COVID-19,” said Guo Hua, manager of Yuebin Restaurant in Beijing.

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