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China's market entities experiencing rebound despite challenges

By Cheng YU | chinadaily.com.cn | Updated: 2022-08-17 11:32
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A silk company employee works at a production facility in Haian, Jiangsu province. [ZHAI HUIYONG/FOR CHINA DAILY]

On Wednesday, China's top market regulator said that a number of China's market entities witnessed a V-shape rebound in the first half of this year, as market confidence from various businesses continued to recover despite the renewed COVID-19 epidemic and external environment.

According to the State Administration for Market Regulation, the total number of market entities hit 161 million as of June, which increased 4.4 percent compared with the end of last year.

In the first quarter, the growth of new market entities nationwide increased by 7.5 percent. Though they witnessed a drop in April, the growth quickly recovered to 1.4 percent in May and 19.7 percent in June.

Notably, newly-added market entities from the new economy industry grew rapidly, and registered a significantly higher increase compared with the overall level.

In the first half, over 2.29 million enterprises related to new technologies, industries, business formats and models were newly established. They accounted for 54.2 percent of the total new companies.

Among them, the growth rate of newly-established firms in modern agriculture, forestry, animal husbandry and fishery as well as new energy all exceeded 30 percent during the period.

The digital industry also offered new momentum to the market vitality with 604,000 enterprises in the sector being newly set up in the first six months, up 20 percent year-on-year.

By the end of June, the number of registered enterprises related to the core digital industries reached 5.095 million across the country, accounting for 10.1 percent of all enterprises.

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