On March 27, the Information Office of Liaoning Provincial People’s Government held a press conference, presenting an update on the development of individual businesses in the province.

The year 2023 witnessed a strong momentum in the development of individual businesses in Liaoning, with 682,000 newly registered ones, up by 42% compared to the previous year. The total number of individual businesses reached 3.783 million, showing a growth rate of 10.7% compared to the previous year, accounting for 73.3% of the total number of business entities in the province. In the first quarter of this year, the province’s individual businesses sustained a stable and promising development trend, with 127,000 newly registered ones, a year-on-year increase of 8.5%.

In 2024, Liaoning will prioritize optimizing market access services, reducing operational costs such as business premises, and exploring inclusive and prudent regulatory mechanisms for self-employed individuals in the initial stage. These measures aim to stimulate their entrepreneurial and innovative vitality. Moreover, the province will focus on facilitating recruitment channels, providing vocational skills training information, and increasing financial support for mature entities with stable operations. For developed individual businesses with growth potential, the province will enhance their compliance management, encourage and guide them in transforming and upgrading into enterprises, and improve their capacity for creating, utilizing, protecting, and managing intellectual property rights.

This year, Liaoning will recognize the first batch of “excellent and distinctive” individual businesses. It will select and nurture a group of individual businesses with distinct characteristics, business integrity, and great development potential. This initiative aims to drive better development among individual businesses in the same industry and of the same type. Furthermore, Liaoning will focus on optimizing the market access environment, promoting online registration and management for individual businesses, and implementing a one-stop process for business registration, alteration, and cancellation.