Zhangjiagang reported a significant increase in the number of market entities and investments in the first quarter of 2023.

A government service window. [Photo/zjgonline.com.cn]

During this period, 1,889 new corporate entities were established in Zhangjiagang, a 6.06 percent increase compared with the previous year. Notably, one out of every four new corporate entities is a technology company.

Additionally, 4,452 new individual businesses were established, a 13.48 percent increase from last year. The growth was mainly driven by the robust recovery in consumption.

Zhangjiagang has implemented several policies related to finance, taxation, cost reduction and circulation improvement to encourage economic recovery this year.

In the first quarter, investments in Zhangjiagang amounted to 46.22 billion yuan ($6.70 billion), a 89.3 percent increase from the same period in 2022.

Looking ahead, Zhangjiagang will continue to deepen reforms to improve the business environment and stimulate market vitality. Steps taken will include initiatives such as giving governments of districts and towns authority in dealing with administrative examination and approval, simplifying the procedures of starting a business and expanding the use of electronic business licenses.