BMW i3 electric cars are pictured at Plant Lydia of BMW Brilliance Automotive (BBA) in Tiexi District of Shenyang, northeast China's Liaoning Province, June 23, 2022. (Xinhua/Yang Qing)
BEIJING, Nov. 16 (Xinhua) -- Statistics from State Administration for Market Regulation (SAMR) showed that in the first three quarters, the number of newly established foreign-invested enterprises hit 46,586, exceeding the pre-pandemic level, while the number of newly established private enterprises was 7.065 million, indicating a year-on-year increase of 15.3 percent. Experts believe that the impressive growth momentum observed in the business entities demonstrates the strong resilience, great potential, and vitality of the Chinese economy.
-- Number of self-employed businesses entities reaches high
"Due to the comprehensive normalization of economic and social operations, along with the combined efforts of various policies, the number of self-employed businesses in Chinahas steadily increased in the first three quarters of this year, and their structure continues to be optimized," stated SAMR. The authority affirmed that the self-employed businesses are experiencing a notable recovery.
In the first three quarters, the number of newly established self-employed businesses in China reached 17.196 million, a year-on-year increase of 11.7 percent. By the end of September this year, China's registered self-employed businesses reached 122 million, accounting for 67.3 percent of China's total business entities. Starting from this year, more than 70,000 self-employed businesses have transformed themselves into enterprises this year.
In the first three quarters, the proportions of China's new self-employed businesses in the primary, secondary and tertiary industries were 7.7 percent, 4.4 percent, and 87.9 percent respectively. These figures represent year-on-year growth rates of 8.2 percent, 7.2 percent, and 12.2 percent. The self-employed businesses in the tertiary industry experienced the highest growth rate, accounting for nearly 90 percent of total business entities, with industrial structure continuing to be optimized.
-- Private enterprises seesteady increase in expectations and confidence
The private economy constitutes a significant part of China's GDP and serves as an important driving force for economic growth, which contributes over 50 percent of tax revenue, and accounts over 60 percent of GDP, providing over 80 percent of urban employment.
"Private enterprises continue to demonstratedevelopment resilience in the first three quarters, against the backdrop of a complex and grave international environment and the increasing downward pressure on the domestic economy," according to an official of the SAMR.
It is worth noting that the 'four new economies', represented by new technologies, new industries, new formats, and new models, have become new advantages for the development of the private economy. In the first three quarters, 3.04 million private enterprises in the four new economic sectors were founded, accounting for 40 percent of the total number of newly established enterprises during the same period. By the end of September, the number of such private enterprises in China has exceeded 20.873 million, and the new economies and new business formats maintain a strong development momentum," the aforementioned official said.
-- China's market remains magnet forglobal investors
Foreign-funded enterprises play a significant role in connecting domestic and international markets, as well as promoting economy dual circulation. Recent data released by the SAMR reveals that as of the end of September this year, there were 684,000 registered foreign-funded enterprises (including branches) nationwide China, marking an increase of 1.5percentcompared to the end of last year. "Since the beginning of this year, foreign-invested enterprises have steadily regained their confidence as the impact of the pandemic recedes, and the newly established foreign-invested enterprises are showing a positive development trend," according to an official in the SAMR.
In the first three quarters, the number of newly established foreign-funded enterprises in the country reached 11,111, 17,317, and 18,158 respectively, with year-on-year growth rates of 7.6 percent, 54.6 percent, and 25.2 percent. Nationwide China, a total of 46,586 foreign-funded enterprises were established, surpassing the pre-pandemic level. Notably, the number of newly established foreign-invested enterprises exceeded 6,600 in both June and September, showing a strong positive trend.
The service sector has shown a relatively rapid and impressive recovery. In the first three quarters, the number of newly established foreign-funded enterprises in the service sector reached 43,193 nationwide, marking a year-on-year increase of 32.6 percent. Among them, the number of enterprises in the accommodation and catering sector grew by 47 percent, the wholesale and retail sector by 41.9 percent, the commercial leasing sector by 33.2 percent, and the research and technical services sectors by 18.6percent, compared to the same period last year. The high-tech service sector saw the establishment of 9,677 foreign-funded enterprises, representing a year-on-year growth of 11.7 percent.
From January to September, South Korea, the United States, and Japan remained the top foreign investment sources for newly established foreign-funded enterprises (excluding branches).
"The key contributors to the notable growth in newly established foreign-invested enterprises include Russia, Brazil, Canada and Australia. The opportunities and prospects of the Chinese market continue to attract global investors," the aforementioned official said.
This official further added, "The steadily enhanced performance of newly established foreign-funded enterprises provides strong support for the high-quality development of China's economy." Relevant authorities will continue to create a first-class business environment that is market-oriented, law-based and internationalized, aiming to better facilitate the development of foreign-funded enterprises in China.
(Edited by Bao Nuomin with Xinhua Silk Road, email@example.com)