2020 Annual Report on Chinese Company Growth, jointly released by Urban and Competitiveness Research Center of Chinese Academy of Social Sciences and QCC Big Data Institute recently revealed that Jiangsu Province witnessed the highest growth of newly registered companies, totaling 3,763,600 in 2020 and up by 104.4% over the previous year, making Jiangsu the only province in China whose growth more than doubled in that regard.

In 2020, 27.354 million new market entities were registered in China, up by 12.8% over the previous year. Suzhou ranked first in terms of the number of newly registered companies amounting to 687,000 (self-employments included). Suzhou, Chengdu, Guangzhou and Chongqing were the top four cities, each of which hosted over 500,000 new market entrants; while Sanming, Taizhou, Yancheng and Xuzhou all saw an over 100% growth rate, making them the top four in terms of the growth margin of newly registered companies.  

New growth drivers were ignited by new economy. Statistics showed that 776,000 newly registered companies were engaged in take-away service, with an impressive year-on-year increase rate of 1548%. 75,000 new companies were faring live streaming, up by 879% and outnumbering the total of same businesses in the past years. Pet related businesses were booming, too, and 376,000 such companies were newly registered in 2020, up by 90% over the previous year.    “Cloud life” and “indoor economy” are burgeoning. In 2020, newly registered companies engaged in online education and telecommuting grew by 97% and 303%, respectively. In addition, new cross-border e-commerce service providers increased by 62% in the year.