Over 10,000 new companies established in Zhoushan in 2018

The night view of Zhoushan, Zhejiang province [Photo/IC]

Zhoushan in East China's Zhejiang province witnessed a surge in the number of its newly-established companies last year, local media reported recently. 

Statistics from the Market Supervision Administration of Zhoushan show that over 10,000 companies settled in the city in 2018, including 9,718 domestic-funded and 317 foreign-funded ones, up 49.09 percent and 311.7 percent year on year, respectively. 

Private companies took the largest share, with 8,593 newly registered, up 38.84 percent from a year earlier. 

Notably, the number of newly-established foreign-funded companies hit a record high, bringing nearly $10 billion of foreign investment, a year-on-year increase of 400 percent.

The scale of new domestic companies also increased, with 307 of them hitting 100 million yuan ($14.86 million) each in registered capital, up 45.49 percent from a year earlier. 

Small and micro-sized companies maintained a sound growth, with 246 self-employed entrepreneurs setting up a company last year. 

Also, the number of newly-established small and micro-sized companies with a registered capital of not more than 5 million yuan increased compared with a year earlier.

"The new domestic companies mainly focus on wholesale and retail, and rental and business services," said an official from the Market Supervision Administration of Zhoushan, adding that many companies have been attracted to settle in the China (Zhejiang) Pilot Free Trade Zone (FTZ), especially oil companies. 

Statistics shows that newly-registered domestic and foreign companies in Zhejiang FTZ last year accounted for 65.92 percent and 92.11 percent, respectively, of the city's total, among which the new oil companies took up 27.28 percent, or 1,841. 

The rapid growth of the city's newly-established companies can be attributed to its vigorous efforts in implementing the national strategy such as the Belt and Road Initiative, promoting industrial transformation and upgrading, and deepening administrative streamlining reforms over the past year, according to the official.