China has seen a surge in the registration of new companies in the wake of the country taking steps to streamline the process for starting a business in March, statistics from the State Administration for Industry and Commerce showed.
About 1.6 million new companies have been registered since the registration reform was put into place, rising 64.48 percent from the same period last year.
Registered capital of these new companies totaled 8.22 trillion yuan ($1.33 trillion), up 69.09 percent year on year.
China also lifted restrictions on minimum registered capital, payment deadlines, the down payment ratio and the cash ratio of registered capital on March 1, a move aimed at encouraging startups and energizing the economy.
By the end of July, the number of all types of registered market entities in China came in at 64.99 million, with registered capital totaling 116.94 trillion yuan ($19 trillion).