China sees record daily number of start-ups

China's market vitality has been further boosted this year due to easing market access and streamlining approval procedures, according to the country's top market regulator.

Some 21.79 million new market entities were established in 2019. A record 20,000 new firms were set up every day on average, data from the State Administration for Market Regulation showed.

China has long been ramping up efforts to improve business environment to unleash market vitality and boost high-quality economic growth.

The country started the pilot reform to separate business operation permits from business licenses in all 18 pilot free trade zones on Dec 1. The reform is expected to cover the whole country in 2020.

China also pledged to further streamline approval process and ease market access next year to eliminate institutional barriers restricting corporate investment and operation, according to the administration.