China’s business landscape is on the rise! By the end of 2024, the number of registered business entities in China soared by 3.1% year on year, reaching an incredible 189 million, according to Shu Wei, deputy head of the State Administration for Market Regulation.
In just the first three quarters of last year, about 7.22 million new businesses handling tax-related matters were registered. That’s a massive 17.4% jump from the same period the previous year!
But it’s not just about numbers. Consumer rights are getting a boost too. Authorities managed to recover over 4.72 billion yuan (around $656.69 million) in economic losses from complaints and reports—a 17.1% increase year on year. Talk about standing up for the people!
Shu Wei highlighted that these strides reflect China’s efforts to create a fair and thriving market environment. This includes giving targeted support to individual businesses and ensuring stricter law enforcement to safeguard the legitimate rights of business entities.
The Chinese mainland is also shaking things up in the platform economy, transforming traditional industries, and nurturing new sectors. With plans for future industries in the works, the focus is on boosting the resilience of industrial chains and driving sustainable economic growth.
For young entrepreneurs and consumers, these developments could mean more opportunities and better protections in the ever-growing Chinese market.
Reference(s):
cgtn.com
