About 1.27 million new companies have been registered since China streamlined business registration in March, 66.85% more than March-June last year, according to the latest official data.
Registered capital of these new companies totaled 6.54 trillion yuan about (1.06 trillion US dollars), up 56.9% year on year, according to the State Administration for Industry and Commerce.
China lifted restrictions on minimum registered capital, payment deadlines, down payment ratio and cash ratio of registered capital on March 1, a move aimed at encouraging start-ups and energizing the economy, according to China's (Xinhua) News Agency.
By the end of June, the number of all types of registered market entities in China came in at 64.14 million, with registered capital totaling 115.05 trillion yuan.
A total of 232 million people were self-employed or engaged in private businesses.