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China registers 15.5 million new market entities in Jan-Aug, services sector dominates
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China's State Administration for Market Regulation announced at a quarterly press conference that 15.502 million new business entities were registered nationwide from January to August 2024. This total includes 6.001 million enterprises, 9.474 million individual businesses, and 27,000 farmer cooperatives. The industrial structure continued to optimize, 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 entities, and the secondary sector added 1.149 million. The 'Four New' economy—encompassing new industries, business formats, models, and technologies—showed accelerated growth. As of the end of August, registered 'Four New' economy enterprises reached 29.301 million, a year-on-year increase of 5.4%, representing 44.0% of all registered enterprises. The report highlights the vitality of market entities and the ongoing shift toward innovation-driven economic growth.
Source report
Beijing – China recorded 15.502 million newly registered business entities between January and August this year, according to data released by the State Administration for Market Regulation at its third-quarter regular press conference on Tuesday.
The breakdown includes:
- 6.001 million enterprises
- 9.474 million individual businesses
- 27,000 farmers' cooperatives
The robust growth of diverse business entities continues to strengthen the foundation of the market economy.
Industrial Structure Continues to Improve
From January to August, new business entities by sector were as follows:
- 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 models, new growth models, and new technologies—is expanding rapidly. As of the end of August, the number of registered "Four New" economy enterprises reached 29.301 million, up 5.4% year-on-year, accounting for 44.0% of all enterprises in China.
This growth 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