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Chinanews, Hangzhou, July 20 – During the first half of this year, the number of newly registered private companies was on the rise. By the end of June, there were altogether 42,642 new private companies registered in Hangzhou, an increase of 9 percentage points over the same period of last year. This means that about 233 new companies were founded every day in Hangzhou on average. There are 1.78 million individual businesspeople in Hanghzhou and the number ranks third in China. The number of new foreign-funded companies in Hangzhou increased by 1,380 in the first half of the year, also on the rise, according to information from the Zhejiang Provincial1 Bureau of Industry and Commerce.
In China, Zhejiang is a province well-known for its prosperous private business. Private business accounts for 71% of the aggregate2 economic volume in Zhejiang. It is ahead of other regions in China for its development of private business. Of the top 500 private companies in China, 203 are in Zhejiang, the top in China. The Chinese Academy of Social Sciences recently publicized the top 50 most innovative3 private companies in China. Among them, 19 are in Zhejiang. Among the ten leading entrepreneurs that are judged as having the most innovative spirit in China, four are from Zhejiang.
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