BEIJING, Nov. 7 -- The number of new business registrations in China continued to rise in the first nine months of the year, indicating that favorable government policies have boosted market confidence.

Some 24.81 million new business entities were established during the January-September period, up 12.7 percent year on year, according to data released by the State Administration for Market Regulation (SAMR) on Tuesday. Of the total, the number of new companies went up 15.4 percent, and that of self-employed households climbed 11.7 percent.

The number of new foreign-funded enterprises surged 29.3 percent from a year ago, and that of private firms grew 15.3 percent.

The figures point to improving market expectations and recovering confidence, the SAMR said, stressing that the Chinese market remains a popular investment destination.

The substantial rise in business registrations was consistent across the board, spanning both traditional agriculture and modern services. In accommodation and catering sectors, which were hit the hardest during the COVID-19 epidemic, reported an increase in business registration by over 40 percent.

Thanks to a range of policies aimed at boosting domestic demand, fostering confidence and supporting the private economy, Chinese business entities have experienced a more robust growth momentum, the SAMR said, vowing more efforts to create an equitable and orderly business environment.

As of September end, the number of registered business entities nationwide stood at 181 million, up 6.7 percent from the end of 2022.