Since the beginning of 2020, Wuhan Economic & Technological Development Zone (WHDZ) in Wuhan, Central China's Hubei province, has been making efforts to optimize its business environment, with measures taken including streamlining and standardizing approval processes.
WHDZ has extended its company registration and approval service to the application stage. Bank loan mortgage procedures that used to take three working days to complete can now be completed within three hours.
The development zone is working to develop a high-quality and efficient government service environment. It has simplified approval procedures, streamlined enterprise declaration materials, and quickly and efficiently implemented preferential policies such as tax and fee reductions.
It has adopted a model of "non-contact" export tax rebate management, and the average processing time has been shortened to 2.43 working days, which is better than the city's standard of six days.
As of Aug 28, a total of 913 companies had applied for policy rewards of 249 million yuan ($36.40 million). A total of 216 million yuan have been approved and issued to 747 companies.
In the first half of 2020, the taxation department reduced taxes and fees by 6.62 billion yuan for enterprises. The administrative fee of the financial department is expected to be reduced by 40 million yuan per year.
