More than 100 million self-employed businesses in China are set to receive a boost as a new regulation in support of their development has taken effect.

Covering taxation, finance, social security and employment policies, the regulation, effective from Nov 1, provides fresh assistance to self-employed individuals and seeks to address their immediate challenges and unleash their vitality.

Under the new regulation, a series of institutional arrangements will be made to further nourish the individual economy. For instance, the State Council, China's Cabinet, will set up an interministerial mechanism to improve synergy and coordination in tackling key issues regarding the prosperity of self-employed businesses.

The new regulation is among the country's latest efforts to help self-employed individuals cushion the COVID-19 impact and other difficulties. Supportive policies, including housing rent relief, tax and fee cuts, and loan support have been introduced to ease burdens.

Xu Yingjie, a researcher with the Development Research Center of the State Council, said China's self-employed businesses have managed to maintain stable development thanks to targeted support measures.

The new regulation promises to simplify administrative procedures and improve the business environment to create favorable conditions for the healthy development of individual businesses.