(MENAFN) Official data showed that China's newly registered firms surged since the country took steps to streamline the process for starting a business in March, Xinhua reported.
According to statistics from the State Administration for Industry and Commerce showed about 1.6 million new firms were registered since the reform, up 64.48 percent on-year.
Registered capital of these new companies totaled USD1.33 trillion, up 69.09 percent compared to the same period a year earlier, the statistics showed.
China lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital, aiming to encourage start-ups and energizing the economy.
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