A vendor waits for customers at her stall of a local market in Haikou, south China's Hainan Province, March 8, 2022. (Xinhua/Hu Zhixuan)

A total of 5.03 million self-employed businesses were newly set up in China in the first quarter of 2023, up 14.3 percent year on year, China's top market regulator said Monday.

As of the end of the first quarter, the country's registered self-employed businesses had reached 116 million, accounting for two-thirds of China's total business entities, according to the State Administration for Market Regulation.

New self-employed businesses in the cultural, sports and entertainment sectors registered the fastest year-on-year growth of 39 percent in the first quarter, the regulator said.

The administration will take effective measures to promote the high-quality development of the businesses, it said.