May 4, 2023
According to official figures, there were 2.039 million new private businesses established in the first quarter of 2023, an increase of 10.7% over the same period last year.
According to figures from the State Administration for Market Regulation, there were more than 49 million registered private businesses by the end of March, making up 92.3% of all businesses in the nation.
During this time, regional development became more balanced. In the country’s central region, 519,000 new private businesses were founded between January and March, a 20.8 percent increase over the previous year. In the western region, 441,000 new private businesses were founded, increasing 30.2 percent over the previous year.
The first quarter saw a recovery in the “Accommodation and catering industry” and “leasing and business service industry,” which had previously been severely impacted by COVID. Data also revealed that the number of newly founded private businesses in both industries increased by 35,7% and 15,5%, respectively, over the previous year.
Source: china.org.cn
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