The number of registered companies grew 30 percent compared with the same period last year after the reform of the registered capital registration system, which was officially implemented on the first day of March, according to Shen Qingjun, deputy head of the Ruzhou municipal administration of industry and commerce.

In a period of 18 days, from March 3, the first working day following the new system’s launch, to March 26, the municipal administration of industry and commerce has handled more than 350 registrations, an average of nearly 20 per day, twice more than the figure before the reform, or roughly seven to eight per day. More people have also come to the administration for consultation.

The new policy has not only improved work efficiency, but has also lowered the threshold for registration. Thanks to public feedback, the new policy has encouraged more people to start businesses.

Meanwhile, the growth requires more requirements from industry and commerce administrations. The administration will upgrade related hardware facilities and improve its software in accordance with service-oriented principles.

According to the Henan Provincial Administration of Industry and Commerce, the reform of the registration system of registered capital is a long-term effort and will continue.