Jiangsu took the national lead with over 3.76 million new enterprises registered in last year, up 104.4%, the only province to see a double growth in China, according to a report released by the Urban and Competitiveness Research Center, Chinese Academy of Social Sciences.

The Chinese Enterprise Development Data 2020 showed over 27.35 million new market entities added across the country in last year, up 12.8%.  Suzhou ranked first with 687,000 new firms (including individual businesses), and also in the top tier were four other cities, namely Chengdu, Guangzhou, Shenzhen and Chongqing, each with over 500,000 new enterprises.

Data shows that there were 776,000 new enterprises that offer the online-to- offline (O2O) food delivery service, up 1548%, and 75,000 livestreaming service-related companies, up 879%. Amid the rising number of pet owners in China, 376,000 new companies entered into the market last year, up 90%.

Internet and digital technologies continued to shape people’s life. The number of new enterprises in online education and working increased 97% and 303% respectively.  2020 also saw an increase of 62%  in enterprises specialized in cross-border e-commerce.

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