Statistics from the Zhejiang Administration for Market Regulation revealed that in 2018, Zhejiang province had a total of 363,000 new small and micro enterprises, 99 percent of which were from the private sector.

All of the small and micro companies in the East China province offered job opportunities to over 15.12 million people and the total value added of those above the designated size - defined as industrial companies with an annual revenue of over 20 million yuan ($2.9 million) – reached 656.3 billion yuan, up 7 percent year-on-year, according to the provincial administration.

The official figures also indicated that an increasing number of small and micro enterprises are emerging in the service sector. Last year, 82 percent of the newly registered small and micro companies were service-related. By the end of 2018, these kind of companies in the tertiary industry accounted for 70 percent of the total in Zhejiang.