Guizhou sees significant increase in number of businesses

Southwest China's Guizhou province last year saw significant growth in the number of businesses operating there, boasting a total number of 3.47 million market entities with registered capital of 8.23 trillion yuan ($1.26 trillion) in 2020.

That's according to the Administration for Market Regulation of Guizhou Province on March 16, which said the number of market players and registered capital for 2020 represented increases of 13.02 percent and 11.63 percent year-on-year, respectively.

A market entity or business entity is a type of organization formed to conduct business. They include sole proprietorships, general partnerships, limited liability partnerships, corporations and limited liability companies.

In 2020, Guizhou had 682,000 newly registered market entities, which was 7,800 more than in 2019.

To keep the companies stable and stimulate market vitality, the administration launched 16 measures to cultivate market entities, implemented 28 measures to optimize the business environment and continued to make market permit processing and approvals more convenient in 2020.

The administration provided subsidies for 17,100 market entities that were affected by the novel coronavirus pandemic and encashed 500 million yuan in government funds for 16,000 market entities last year.

In addition, the administration launched 38 measures to support companies to resume their production, as well as 16 measures to reduce and exempt 20.59 million yuan in inspection and detection fees for 10,800 market entities.