The figures released by the SAMR have positive implications as China’s macroeconomy faced a setback in the second quarter in part because of domestic COVID-19 outbreaks and global uncertainty, according to Chinese media reports.  

Registered market entities in China added up to 161 mn during January-June 2022, which is a jump of 4.4 per cent compared to 2021. While 107.94 mn are self-employed persons among the entities, 50.39 mn of them are businesses, as per SAMR. During the period, there were 14.54 mn newly added market entities, an increase of up 4.3 per cent year-on-year.

Moreover, new business registration growth soared by 19.7 per cent in June 2022 after a slump in April 2022. Around 300 million people in China were able to have job opportunities thanks to the registered market entities. The government collected taxes amounting to 4.76 trillion yuan (around $689.1 billion) from businesses that were set up after 2013.

Fibre2Fashion News Desk (NB)