Staff members monitor data at a smart control center of a private enterprise in Zhangzhou, southeast China's Fujian province, June 19, 2023. (PHOTO / XINHUA)

More than 7.06 million private enterprises were newly established in the first three quarters in China, up 15.3 percent year-on-year, which industry experts believe indicated that favorable government policies have boosted market confidence.

The State Administration for Market Regulation, the country's market regulator, said on Tuesday that the number of registered private enterprises, which accounted for 92.3 percent of total companies in the country, exceeded 52 million as of the end of September.

ALSO READ: China unveils 2023 list of top 500 private enterprises

Notably, more than 3 million newly established private enterprises are focused on the new economy. Private companies related to new energy saw the biggest growth in terms of amount in the first three quarters.

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 SAMR also noted that 24.81 million new business entities were established during the January-September period, up 12.7 percent year-on-year.

READ MORE: Xi urges efforts for high-quality development of private sector

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

Such growth was thanks to improving market expectations and recovering confidence, the SAMR said, adding that the Chinese market remained a popular investment destination.