The Wuhan Economic & Technological Development Zone boasts a favorable business environment. [Photo/WeChat account: whkfq]
The number of registered business entities in the Wuhan Economic & Technological Development Zone (WEDZ) has surpassed 110,000, as reported by local media on March 3.
In 2024, the zone added 34,818 new business entities, including 12,063 newly registered enterprises and 22,755 individual industrial and commercial households.
An analysis of the past three years of data reveals significant growth: in 2022, the zone added 15,000 new business entities, bringing the total to over 75,000. In 2023, it added more than 18,000 new business entities, marking a 23.2 percent year-on-year increase.
By 2024, the number of new business entities had doubled compared to 2022, with a notable 79.9 percent year-on-year increase in individual industrial and commercial household registrations.
The flourishing of business entities highlights the favorable business environment in the zone. According to a representative from the zone’s market supervision bureau, initiatives such as "separation of permits and licenses”, "one license for one industry”, and "one-stop service" have been implemented in recent years.
These measures have made “zero trips,” “zero queues,” and “instant processing” the norm for business entity registrations. Both domestic and foreign business entities can now complete their registration processes within one working day.
Over 70 percent of the business entities in the zone belong to the tertiary sector. The service industry, represented by wholesale and retail, accommodation and catering, and scientific research and technical services, hosts a large number of private economic entities.
Enterprises in the scientific research and technical services sector account for 8.55 percent of the total number of enterprises in the zone. These enterprises are mainly focused on intelligent connected new energy vehicles, new materials, the digital economy, artificial intelligence, hydrogen energy, and the low-altitude economy, making them a crucial force in cultivating new quality productive forces.
Authorities will continue to focus on nurturing market entities, coordinating efforts to encourage and support college graduates in starting their own businesses. The local government will further improve the standardized and convenient service system for registering foreign-funded enterprises and individual industrial and commercial households.
