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Private companies boom in Taicang

( chinadaily.com.cn )

Updated: 2019-12-15

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The private economy in Taicang, Jiangsu province, posted a strong November performance, local media reported Dec 5.

Statistics from the administration and market bureaus suggest that, in November, entrepreneurs in Taicang registered 899 private companies, up 9.23 percent year-on-year. The total investment was valued at 180 million yuan ($25.53 million), up 144.48 percent.

The entrepreneurship wave was pushed by the city's efforts in streamlining and automating the registration of market entities.

In administration centers or 24-hour service halls, applicants can operate designated intelligent terminals and obtain business certificates with no other documemnts but their ID cards.

The examination and approval process has been reduced to a single work day at the longest.

To date, Taicang is home to over 30,000 private companies whose total registered capital has exceeded 183.86 billion yuan. They have created over 260,000 jobs for both locals and expats.

As well, over 90,000 individual merchants have registered a total of 5.7 billion yuan in investment, emerging as an important force in Taicang's quality development.