China saw a record number of firms established in 2015 despite the slowing economy, official data showed.
Chinese set up a total of 4.44 million companies last year, up 21.6 percent from a year ago, which means 12,000 new companies every day, the State Administration for Industry and Commerce said on Wednesday.
The boom came after the government's efforts to lower barriers for market entry and cut red tape. Authorities initiated business registration reforms in March 2014 and further simplified administrative procedures in Oct. 2015.
Given an economic slowdown, China is promoting an entrepreneurial wave by encouraging people to open their own businesses, which is considered an effective means to help prop up growth and ensure stable employment.0 More than 80 percent of the new companies were set up in the tertiary industry, the most significant sector in China's job market.
The Chinese economy expanded 6.9 percent in the first three quarters of 2015, the lowest reading since the second quarter of 2009.