Over 20m new companies registered in China in past 5 years

BEIJING - Some 21.6 million companies were registered in the past five years in China, thanks to the government's push for entrepreneurship and innovation to bolster growth.

Since China introduced mass entrepreneurship and innovation policies in 2014, more than 4,200 new hackspace companies have been created, serving over 120,000 start-up businesses and raising over 5.5 billion yuan ($870 million)

In 2017, online sales increased by 28 percent and express delivery volume grew by nearly 30 percent. A string of new growth engines such as sharing and digital economies have been established.

The government has cut red tape, reduced taxes and slashed fees for enterprises.

Mass entrepreneurship and innovation has been an effective driver for both economic growth and the consistent transition between traditional and new growth engines. It has also significantly contributed to creation of new jobs and increase in income.