Second, we are fostering new growth drivers through reform, opening-up and innovation. Thanks to our reform efforts to streamline administration, delegate power, strengthen regulation and improve services, combined with a nationwide campaign to implement an innovation-driven development strategy and promote mass entrepreneurship and innovation, new growth drivers are taking shape at a fast speed. Since last year, an average day would see over 40,000 new entities enter into the Chinese market, among which 12,000 would be newly registered businesses. The number increased to nearly 15,000 a day in the first three quarters of this year. New technologies, new industries, new forms and models of businesses are thriving.
As for traditional industries, we have adopted a two-pronged approach by transforming and upgrading some of them while phasing out outdated ones and working off excess capacity. In the first three quarters, we completed over 80% of the annual target for cutting steel and coal capacity, contributing to better balance between market supply and demand as well as improved corporate performance. The rapidly growing new drivers have played an important role in bolstering economic growth, structural improvement and job creation.
Third, we have taken active steps to defuse risks. Due to a mixture of both domestic and international challenges, some latent risks have now come to the fore. In response, we have taken a host of measures to promote steady growth, adjust structure and forestall risks. The risks now are basically under control and any regional or systemic risks remain unlikely. We are taking multiple measures to lower the leverage ratio of non-financial companies. These include advancing financial reform, actively yet steadily developing multi-tier capital markets, increasing the share of direct financing, and encouraging merger and acquisition deals.
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