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China registers 15.5 million new market entities in Jan-Aug, services sector dominates
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According to a quarterly press conference held by China's State Administration for Market Regulation, the country registered 15.502 million new business entities from January to August 2024. This total includes 6.001 million enterprises, 9.474 million individual businesses, and 27,000 farmer cooperatives. The data indicates a continued optimization of the industrial structure, with the tertiary sector (services) accounting for 13.788 million new entities, underscoring its role as a key driver of employment, consumption, and economic transformation. The primary sector added 565,000 new entities, and the secondary sector added 1.149 million. The report also highlights the accelerated growth of the 'Four New' economy (new industries, new business forms, new business models, and new technologies). As of the end of August, the number of registered 'Four New' economy enterprises reached 293.01 million, a year-on-year increase of 5.4%, representing 44.0% of all registered enterprises. This growth is attributed to the deep integration of new technologies and the transformation of economic drivers.
Source report
Beijing – China recorded 15.502 million newly registered business entities in the first eight months of this year, according to information released at the State Administration for Market Regulation's third-quarter regular press conference on Tuesday.
The breakdown of new registrations is as follows:
- Enterprises: 6.001 million
- Individual businesses: 9.474 million
- Farmers' cooperatives: 27,000
The sustained growth of millions of business entities has helped solidify the foundation of the market economy.
Industrial Structure Continues to Improve
From January to August, the distribution of new business entities across industries was:
- Primary industry: 565,000
- Secondary industry: 1.149 million
- Tertiary industry: 13.788 million
The service sector remains a key driver of employment, consumption, and economic transformation.
"Four New" Economy Accelerates
The "four new" economy—encompassing new industries, new business formats, new business models, and new technologies—is experiencing rapid growth. As of the end of August, the number of registered "four new" economy enterprises nationwide reached 29.301 million, a year-on-year increase of 5.4%, accounting for 44.0% of all enterprises.
This trend reflects the accelerated concentration of innovation factors and the faster transition between old and new growth drivers.
Editor: Zhao Peng | Chief Editor: Wang Jia | Final Editor: Ma Fang
Source
央视网Eastern
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China registers 15.5 million new business entities in first eight months of 2024