China records steady growth in private, foreign-invested firms in H1

Private and foreign-invested enterprises saw steady expansion in China in the first half of the year, official data showed Tuesday, indicating improving market expectations as well as the country's appeal as a global investment hub.

Some 4.35 million new private enterprises were established in the first six months, up 4.6 percent year on year, according to the State Administration for Market Regulation. Newly registered foreign-funded companies totaled about 33,000, marking a rise of 4.1 percent.

Overall, 13.28 million new business entities were established nationwide in the first six months.

Meanwhile, the country's industrial structure continued to improve, with the number of enterprises engaged in new technologies, new industries, new business forms and new models increasing 6.6 percent year on year to 25.36 million by the end of June, accounting for 40.2 percent of all companies nationwide.

The cultural sector emerged as a bright spot, driven by the global popularity of domestic intellectual properties. Newly registered enterprises in culture, sports and entertainment surged 17.5 percent year on year in the first half.

The administration said it will push for building a unified national market, safeguarding fair competition, and further streamlining government services for enterprises to boost the vitality of all market players.