East China’s Anhui province has deepened its business system reforms since January, as part of its effort to improve local business environment and boost market dynamism and creativity.
In the first quarter of 2019 (Q1), up to 193,200 market entities got registered around the province, up 35.20 percent from the same period a year ago, according to the Anhui Administration for Market Regulation.
The surge indicates that the province is enjoying a better climate and greater potential for growth, said Hu Gongjie, vice president of Anhui Institute for Economic Research.
73,700 out of the new entities were registered as enterprises, representing a year-on-year increase of 43.26 percent. In addition, 117,400 individual businesses and 2,168 farmers’ co-ops entered the province, up 31.35 percent and 1.93 percent, respectively.
Since the reform of business systems kicked off in March 2014, the province has rolled out a slew of measures, including the removal of the limit on the minimum registered capital and offering electronic registration services to enterprises.
Thanks to the reform, local people, who find it easier to open a company, show more interest in starting up businesses. At present, it takes only three weekdays to open a company.
There were around 4.59 million market entities in the province as of March 31, up 17.07 percent year-on-year, including 1.28 million enterprises, 3.20 individual businesses and 102,300 co-ops. The numbers of those three entities rose 22.32 percent, 15.23 percent and 12.65 percent year-on-year, respectively.
(By Zheng Weiling)