China has reported a steady increase in the number of registered business entities in 2024, reflecting ongoing efforts to foster economic growth and a fair market environment.
According to Shu Wei, deputy head of the State Administration for Market Regulation, the total number of registered business entities in the Chinese mainland reached 189 million by the end of 2024, marking a 3.1 percent year-on-year growth. Speaking at a press conference on Friday, Shu highlighted significant progress in business registrations and market vitality.
In the first three quarters of last year, approximately 7.22 million new business entities handling tax-related businesses were registered, an impressive 17.4 percent increase compared to the same period the previous year. This surge indicates a robust entrepreneurial spirit and a favorable environment for new enterprises.
Consumer rights protection has also seen notable advancements. Authorities recovered over 4.72 billion yuan (approximately $656.69 million) in economic losses stemming from complaints and reports, up 17.1 percent year-on-year. Shu Wei emphasized that these efforts reflect the government’s commitment to safeguarding the legitimate rights of both consumers and business entities.
“The progress reflects broader regulatory efforts aimed at fostering a fair market environment,” Shu said. “This includes targeted support for individual businesses and stricter law enforcement.”
Efforts to improve competition in the platform economy have been intensified. Initiatives are underway to transform traditional industries, cultivate emerging sectors, and plan for future industries, all with a focus on enhancing the resilience of industrial chains.
Shu Wei added that these measures not only support current economic growth but also lay a solid foundation for sustainable development in the future.
Reference(s):
cgtn.com
