In the first quarter, 1.979 million private firms were established, marking an increase of 7.1 percent from a year earlier and outpacing the average growth recorded over the past three years.

　　This fast expansion of the private sector follows scaled-up efforts by Chinese authorities to support private firms in recent years. This has been done via a series of government policies aimed at easing the financial burdens of private companies, fostering innovation and creating a more favorable business environment.

　　Among the most notable measures, China's legislative body has passed a landmark private sector promotion law — establishing legal backing for the steady and healthy growth of this vast sector.

　　The introduction of this law has provided private firms with a sense of reassurance, said Liu Saisai, executive deputy general manager of Huayan Collagen. “With the legal safeguard, we are more confident in expanding our investments and contributing to national economic development,“ Liu said.