A German engineer gives advice at a factory in Taicang, Jiangsu province. [Photo/WeChat account: tcfbgw]

Taicang in Suzhou, Jiangsu province, recently attempted to improve its business environment by implementing a rule enabling business registers to carry out administration approval procedures without all the necessary documents.

Local market regulation and administration approval authorities will still accept applications from companies if they have submitted most of the registration materials, as long as they aren't missing any important documents.

In October, 10 local companies benefited from the policy, showing that the business environment in Taicang has been further optimized.

During the COVID-19 pandemic, some foreign-funded companies operating in Taicang weren't able to have their documents delivered on time. However, these companies can now still have their application processed as planned due to the new policies.

In October, Taicang saw 370 new private companies, a year-on-year increase of 28.4 percent, and 35 new domestically-funded companies, a year-on-year increase of 45.83 percent.

Among these new companies, 54 boast over 10 million yuan ($1.52 million) in registered capital, an increase of 68.75 percent year on year. Their combined registered capital amounted to 2.4 billion yuan, an increase of 54.36 percent over the previous year.

Over the past month, 215 high-tech firms began operating in Taicang, three times more than in the same period of last year.

A number of leading industry players in information technology, new materials, and biological medicine have also established operations in Taicang, boosting the economic and technological development of the county-level city.