China reports steady growth in business entities in 2024

The number of registered business entities in China rose 3.1 percent year on year to 189 million by the end of 2024, an official from the State Administration for Market Regulation said on Friday.

In the first three quarters of last year, the country saw about 7.22 million newly-registered business entities handling tax-related businesses, expanding 17.4 percent year on year, Shu Wei, deputy head of the administration, told a press conference.

Consumer rights protection efforts have also seen advancements, with authorities recovering over 4.72 billion yuan ($656.69 million) in economic losses from complaints and reports, up 17.1 percent year on year, Shu said.

The progress reflects broader regulatory efforts aimed at fostering a fair market environment, including targeted support for individual businesses and stricter law enforcement to safeguard the legitimate rights of business entities, Shu said.

Efforts to improve competition in the platform economy have been intensified, alongside initiatives to transform traditional industries, cultivate emerging industries, and plan for future industries, with a focus on enhancing the resilience of industrial chains, he added.