China had 163 million registered market entities by the end of August 2022, a net increase of more than 100 million from the end of 2012, with an average annual growth rate of 12 percent, according to the latest data released by the State Administration for Market Regulation on Thursday.

The country should do everything possible to protect these market entities and stimulate their vitality, as they are the driving force for economic growth.

Recognizing this, the central authorities are further promoting the streamlining of administration, reducing the administrative fees and red tape for entrepreneurship and business, and focusing on creating a market-oriented and law-based international business environment.

These moves have effectively stimulated market vitality and social creativity. The sustained and stable growth of all kinds of market entities consolidates the foundation of economic development, promotes the formation of the country's large-scale market, concentrates important strategic resources for the construction of the new development pattern, and boosts high-quality development.

To be specific, the number of Chinese enterprises has increased from more than 13 million to more than 51 million over the past 10 years, close to that of the United States and the European Union combined. The number of businesses per thousand people increased from 11.4 to 36.1. The number of self-employed businesses increased from 40.6 million to 109 million, reaching a new high. The number of specialized farmer cooperatives has more than tripled from less than 700,000 to 2.225 million.

Also the structure of the market has been continuously optimized over the past decade. At present, new technologies, new industries, and new forms and models of business continue to emerge in China, attracting talents and funds like magnets. That provides new impetus for China's economic development and helps to sharpen its international competitiveness.

It can be said that the 163 million market entities are the source of the resilience, potential and confidence of China's economic development, and also the effective strength to stabilize employment and ensure people's livelihoods. In the future, no matter what difficulties and challenges the country faces, it will always have constant impetus for economic development by ensuring the vitality of its market entities.