Binhu district in Wuxi, Jiangsu province has streamlined administrative process for local businesses so that all procedures can be completed at a single window. [Photo/WeChat account: wxbhfb]

Binhu district in Wuxi, East China's Jiangsu province has been making continued efforts to improve its business environment and this has created a strong momentum for the district's sustainable economic growth.

In an annual review of business environment of all cities and districts in Jiangsu, which was conducted by the provincial development and reform commission, Binhu climbed seven spots to claim first place in 2021.

The district's efforts have received positive feedback. By the end of last year, the fixed asset investment in Binhu reached 30 billion yuan ($4.73 billion) and the number of newly registered corporate businesses increased 25.7 percent year-on-year to 4,160, the third largest in Wuxi. Two new companies went public, bringing the total number of listed companies in the district to 20. In addition, 1,096 high-level talents and 13,032 college graduates started their careers in Binhu.

Administrative procedures have been significantly simplified for major projects in Binhu. For example, it took only four days for Jiangsu Maxscend Microelectronics Co to complete registration for a semiconductor project it planned to launch in Binhu. Just six months after the company obtained the land use rights, the construction of the main body of factories was completed.

In 2021, the Binhu government spent more than 460 million yuan to support its industries. It has also cooperated with banks to provide a maximum of 20 million yuan in credit loans to technology companies that are in the early stages of development.

The district is also focusing on the protection of intellectual property rights and is currently home to about 30 IPR-related services providers and five professional public service platforms. The first IP fund in Wuxi was recently set up in Binhu and is expected to channel 50 million yuan in investments to three companies.