China recorded around 5.1 million newly registered business entities in the first quarter of the year, with strong momentum in high-tech manufacturing, data from the State Administration for Market Regulation showed on Wednesday.
The number includes 2.074 million enterprises and 3.014 million individually owned businesses. Broken down by sector, the tertiary sector led with 4.473 million new registrations, followed by 396,000 in the secondary sector and 229,000 in the primary sector.
By the end of March, China has established 26.848 million registered enterprises in the "four new economies" -- new technologies, industries, business forms, and models -- up 6.8 percent from a year earlier and made up 40.9 percent of all enterprises, reflecting a steadily optimizing industrial structure.
High-tech manufacturing recorded accelerated gains. New business registrations in integrated circuit manufacturing soared 31 percent year on year, while intelligent unmanned aerial vehicle manufacturing grew by 15.7 percent. The equipment manufacturing sector added 70,000 new entities, with railway, ship, aviation and aerospace and other transport equipment manufacturing climbing 10.6 percent.
Meanwhile, the number of newly established foreign-funded enterprises also saw continued growth, with 16,000 newly founded in the first quarter, up 10 percent year on year. Investment was concentrated in scientific research and technical services sectors, as well as cultural, sports and entertainment industries, where new registrations jumped 16.9 percent and 15 percent, respectively, underscoring the appeal of the Chinese market.
China records 5.1 mln newly registered business entities in Q1
China records 5.1 mln newly registered business entities in Q1
