China sees surge in cos registration after reform

BEIJING, Aug 10 (Xinhua): China saw a surge in new companies registration after the country took steps to streamline the process for starting a business in March, official data has showed.
About 1.6 million new companies have been registered since the registration reform, rising 64.48 per cent from the same period last year, statistics from the State Administration for Industry and Commerce showed.
Registered capital of these new companies totalled 8.22 trillion yuan (1.33 trillion US dollars), up 69.09 per cent year on year,
China lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital on March 1, a move aimed at encouraging start-ups and energising the economy.
In July, the number of newly registered firms in the primary sector rose 3.39 per cent year on year to 13,200, while that for the secondary industry and the tertiary industry reached 57,800 and 265,800, up 33.76 per cent and 66.42 per cent year on year, respectively.