Six things China can do to become the world’s most entrepreneurial economy

After decades of the fastest economic growth in the world, China’s economy has started to slow down. This is perhaps inevitable, given an average annual growth rate of around 10% was sustained for almost thirty years following the economic reforms introduced by Deng Xiaoping in the late 1970s.

But one area where China continues to develop is in the number of private enterprises being started. China simplified the process for registering businesses in February 2014, and since then there has been a huge leap in the number of new registrations. According to the State Administration for Industry and Commerce, there were 3.65m new registrations in 2014, an increase of 46% on 2013.

These private businesses have driven China’s economic growth in recent decades, and their future prospects play an important role in the country’s continued transition to becoming the world’s largest economy.