China outstrips rest of the world in creating start-ups: Report

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 $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.