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Which country creates 4,000 new businesses a day? China

Monday, November 23, 2015 - 09:11

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With its economy slowing down, China is re-inventing itself as the next Startup Nation.

[NEW YORK] With its economy slowing down, China is re-inventing itself as the next Startup Nation.

A new report by UHY International, an accounting and consultancy firm based in London, unveiled data showing China is in pole position when it comes to entrepreneurship, spawning 4,000 new businesses a day.

Since 2010 - when its economy was roaring at a rate of 10 per cent - China has doubled the number of startups to 1,609,700 in 2014. The UK lagged a distant second.

Under President Xi Jinping, China is striving to transform its US$10 trillion-plus economy from one driven by investment and exports into one led by consumer spending and services. To that end, the government has taken unprecedented steps - from subsidies to venture capital financing - to promote Internet, technology and innovation as growth engines.

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Even with concern swirling about the sustainability of high valuations, Alibaba Group Holding's chairman Jack Ma is setting the pace for aspiring Chinese billionaires.

"A startup for entrepreneurs is like a baby," he told President Barack Obama last week. "I have five babies so far."

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