China started to implement new regulations on Tuesday to promote self-employed businesses with supportive policies.

The updated regulations, which aims to encourage the development of such businesses and boost their confidence and resilience, were rolled out by China's State Council last month.

Self-employed businesses have already become an important part of China's market economy, officials said at a press conference on Tuesday.

"By the end of September 2022, the number of registered self-employed businesses in China had reached 111 million, making up two-thirds of the total market players. They mostly operate wholesale and retail, hotel and catering industry as well as resident  service. They serve the people and have created over 300 million jobs. Helping self-employed businesses supports the real economy," Pu Chun, deputy director of the State Administration for Market Regulation, said at the news event.

The newly issued regulations reiterate the prominent position of self-employed businesses in China's economy, Li Yong, a senior fellow at the China Association of International Trade, told CGTN on Tuesday.

Prosperous self-employed businesses play a key role in the country's employment, he added.

With the pandemic affecting the economy, the Chinese government has already cut taxes and administration fees for self-employed businesses by $137 million since 2020. The new regulations will also ban certain abusive charges and protect these businesses' legitimate rights and interests, according to the event.

The new regulations also provide incentives to residents of Taiwan, Hong Kong and Macao to set up businesses on the Chinese mainland.