In the past year, Taicang witnessed the registrations of 20,993 new market entities, up 33 percent year-on-year, local media outlets reported from the municipal market regulation bureau on Jan 6.

A total of 86 foreign enterprises opened up shop in the city last year, with a total investment exceeding $3.39 billion. The numbers grew by 13.16 percent and 111.51 percent year-on-year respectively.

The number of private-owned market entities was 19,968, up 23.39 percent year-on-year. Most of them were engaged in fields including science, retail, and business services, while 800 of them had a registered capital exceeding 10 million yuan ($1.55 million).

Despite the COVID-19 pandemic, the growth rate of market entities in the city rebounded in late March after a sharp decline. The number of newly registered business entities reached 5,194 and 4,661 in the second and third quarters of last year respectively, up 11.1 and 26.55 percent year-on-year.

This growth was partly due to streamlined administrative procedures and improved government services, local media outlets said. Taicang has been leading Jiangsu province in enhancing the efficiency of its government approval processes, with 78 percent of businesses completing registration within half a day.

During the outbreak, green channels were opened for the registration of companies that can help global epidemic prevention efforts. Over 2,094 businesses were created this way. Their production of medical supplies and contribution to online sales continue to play an important role today.