Beijing sees 6.5pc rise in new business registration in 2018

Published: February 23, 2019 11:33:27 | Updated: February 27, 2019 15:13:32

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The number of registered companies in Beijing rose by 6.5 per cent to 1.65 million by the end of 2018, authorities said.

The Beijing municipal administration for market regulation showed that the Chinese capital reported a growing number of companies last year with 180,000 new businesses registered.

Although many businesses moved elsewhere amid Beijing's efforts to move non-capital functions out of the capital city, the new company registration rose by 6.5 per cent in last year, reports Xinhua.   

The total registered capital of companies reached 38.38 trillion yuan (5.7 trillion US dollars), up 9.7 per cent than the amount in 2017, according to the figures issued Friday.

Some 180,000 businesses registered last year, or 790 new companies emerging every day on average.

Five years ago, China initiated a strategy to integrate the development of Beijing, Tianjin and Hebei to create a model with a better economic structure, cleaner environment, and improved public services.

A prominent task is to move the non-capital functions out of Beijing to treat "urban ills" in the Chinese capital, such as traffic jams and pollution.

Last year saw 780 companies moved out of Beijing, with a quarter of them to the neighbouring Tianjin Municipality and Hebei Province, according to figures.

Wholesale and retail, scientific research and technological services, and leasing and business service sectors accounted for 84 per cent of the moved companies.

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