China’s market entities see rapid expansion

China’s market entities registered fast growth in recent years, with the total number rising from 55 million in 2012 to 146 million at the end of July, said the State Administration for Market Regulation (SAMR).

In breakdown, the number of companies more than trebled to 46 million, while that of self-employed businesses reached 98 million, about 2.5 times the 2012 number, Zhang Gong, head of the SAMR, told a press conference on Sept 6.

He attributed the healthy expansion of market entities to the steady long-term growth of China’s economy and its vast market, continuous optimization of the country’s business environment, and hard work of entrepreneurs and employees.

New market entities, most of which are micro, small, and medium-sized enterprises, have contributed to employment by creating more than 13 million new jobs annually in recent years, Zhang added.

He also noted China’s self-employed businesses offered around 300 million urban and rural job posts, while all kinds of market entities nationwide employed about 300 million migrant workers.

To restore sound market order and promote fair competition, China’s market regulatory authorities have introduced a series of laws and regulations while cracking down on behaviors impeding fair competition in areas including the platform economy, healthcare, and public services.

Since 2018, related authorities have invested and dealt with 332 monopoly cases and 36,000 cases involving unfair competition, Zhang said.

In the next stage, the SAMR will resolutely oppose monopolies and prevent the disorderly expansion of capital to create a level playing field for all types of market entities.

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