BEIJING - The number of newly registered enterprises in China surged 28.9 percent year-on-year in the first eight months this year thanks to the country's continued efforts to streamline administrative procedures.

A total of 3.56 million new companies were set up in the Jan-Aug period, according to statistics from the State Administration of Industry and Commerce (SAIC).

An average of 14,600 new firms were set up daily, surpassing the average of 12,000 recorded in 2015, according to SAIC.

China has a total of 82.58 million market entities, said SAIC.

To foster new growth impetus and inject vitality into the economy, China has made efforts to facilitate business registration and introduced preferential tax policies, social security subsidies and easier business registration procedures.

China lifted restrictions on minimum registered capital, payment deadlines, down payment ratios and cash ratios of registered capital on March 1 last year in a move to encourage start-ups and energize the economy.