BEIJING - A recent reform to simplify China's business registration rules has led to a startup boom, with more than 2.8 million new companies established since the rules took effect in March, government data showed Monday.

There was an overall increase of 54 percent year on year. Meanwhile, total registered capital of the new companies amounted to 14.83 trillion yuan ($2.42 trillion), up 93 percent, according to data released by the State Administration for Industry and Commerce.

The new rules have injected vitality into the private sector in particular. In November alone, more than 350,000 new firms were established, of which nearly 95 percent were private companies, the data showed.

Meanwhile, the service sector saw the fastest increases in new companies, with nearly 277,900 new companies set up last month.

The State Council, China's cabinet, announced in February that it would reform business registration in an effort to ease market access by scrapping previous requirements on minimum registered capital for startups and simplifying complicated approval procedures.