An average of 12,000 new companies were registered every day in China last year as deepened reforms in the business sector boosted market vitality. Two years ago the number was only 6,900, according to Zhang Mao, Director of the State Administration for Industry and Commerce (SAIC). “With China’s economy entering the new normal phase, maintaining sustainable growth is really about maintaining market vitality,” he said. Two years ago reforms were introduced to lower the threshold for setting up businesses and simplify the process for entrepreneurs to register or cancel their businesses. Zhang said newly-registered small and micro-businesses employ 7.9 people on average compared with an average of 2.9 people for individual businesses. “More than 14 million jobs were created in 2015 by newly-registered companies, compared with 12 million in 2014,” he said. “Employment is increasing rather than decreasing, and a massive wave of entrepreneurship and innovation is sweeping across the nation. These factors could offset the pressure brought by the slowing economy,” he added. Zhang also said more efforts would be made this year to improve a credit system for companies and to enhance information-sharing between market watchdogs, to create a fair competitive environment.