Private Businesses
Some 2.039 million new private enterprises were set up across China in the first quarter (Q1) of 2023, up 10.7 percent year on year, official data showed.
By late March, the number of registered private enterprises had exceeded 49 million, accounting for 92.3 percent of the country’s total tally, according to the State Administration for Market Regulation.
Regional development became more balanced during the period. From January to March, 519,000 new private enterprises were established in the country’s central region, up 20.8 percent year on year. Some 441,000 new private firms were set up in the western region, up 30.2 percent year on year.
The hospitality plus food and beverages industry as well as the rental, leasing and business services industry, once hit hard by the COVID-19 pandemic,…