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China Implements Measures to Boost Business Vitality and Economic Development

China Implements Measures to Boost Business Vitality and Economic Development

Beijing, January 31, 2024, The Europe Today: In a press conference held on Wednesday, Chinese officials highlighted various measures being implemented to stimulate the vitality of business entities and drive high-quality economic development. Pu Chun, Vice Head of the State Administration for Market Regulation (SAMR), outlined key strategies, including deepening reforms, promoting fair competition, strict law enforcement, enhanced assistance to businesses, and the standardization of market order.

As part of these efforts, SAMR is guiding local branches to facilitate efficient and convenient online credit repair services for business entities. According to Pu Chun, who also serves as the Director of the National Certification and Accreditation Administration, these measures aim to create a conducive environment for businesses.

Ren Duanping, another official with SAMR, reported that approximately 22.58 million individually owned businesses were newly registered in 2023, reflecting an 11.4% year-on-year expansion. By the end of last year, a total of 124 million individually owned businesses were registered in China, constituting 67.4% of business entities nationwide. These businesses played a significant role in providing employment for nearly 300 million people, showcasing the robust vitality and resilience of the Chinese economy.

The press conference emphasized the importance of sustaining the development of individually owned businesses to maintain economic vibrancy and support the livelihoods of millions of people.