Number of new private enterprises grows 10.7% in Q1

BEIJING -- Some 2.039 million new private enterprises were set up in the first quarter of 2023, up 10.7 percent year-on-year, official data has shown.

By the end of March, the number of registered private enterprises had exceeded 49 million, accounting for 92.3 percent of the country's total tally, according to data from 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 enterprises were set up in the western region, up 30.2 percent year-on-year.

The "Accommodation and catering industry" and "leasing and business service industry," which were once hit hard by COVID, picked up in the first quarter. The number of newly-established private enterprises in these sectors grew 35.7 percent and 15.5 percent year-on-year, respectively, data also showed.