DigitalCFO Newsroom | 3 October 2022
Xiamen had 816,200 registered market entities, increasing by 9.7 percent year-on-year.
Thanks to the local government’s continuous efforts to optimize its business environment over the past years, the coastal city of Xiamen in East China’s Fujian province has witnessed a substantial growth in business registrations this year.
According to official data released by the city’s administration for market regulation, a total of 98,963 new market entities were established in Xiamen in the first seven months of the year, a year-on-year increase of 16.04 percent.
Official statistics indicate that as of July 31, Xiamen had 816,200 registered market entities, increasing by 9.7 percent year-on-year. Among them, 407,400 are domestic enterprises, which is an increase of 4.12 percent year-on-year, 13,357 are foreign-funded companies, an increase of 2.75 percent year-on-year, and 393,900 are self-employed individuals, a year-on-year increase of 16.5 percent.
Since this year, the city’s administration for market regulation has continued to deepen reforms and improve government services, in a bid to create a sound business environment, which has injected new vitality into regional economic development.
The ever-improving business environment has proven to make the city become an ideal investment destination for a slew of high-tech businesses such as Tianma Microelectronics, the Swiss technology company ABB, and computer hardware manufacturer Dell.
Attracted by the city’s sound business environment, Tianma Microelectronics had invested a total of 100 billion yuan ($13.92 billion) in Xiamen over the past 11 years. The company has maintained the world’s first market share of low temperature polysilicon smartphone panel shipments for four years in a row. It also set up an industrial chain for panel displays, with more than 50 upstream and downstream enterprises having set up shops in Xiamen.
The Xiamen government has also advanced the Internet Plus Government Services initiative. Local authorities have explored and extended a number of distinctive reform measures, and both businesses and the public now enjoy increasingly better access to government services.
According to statistics, online platforms can handle 98.8 percent of government business, and one-stop services are available for all things requiring administrative licensing. The digital government has been promoted to make it easier for people to start a business through a single portal.
Official data showed that this year, 87.3 percent of the city’s enterprises opened online, ranking first in the province. Xiamen has ranked first in the national business environment assessment for three consecutive years from 2019 to 2021.