Zhoushan records 2,131 new companies in Q1

A car passes through an expressway toll station to enter the China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, on March 31, 2017. [Photo/IC] 

Zhoushan in East China's Zhejiang province witnessed booming growth in its business sector in the first quarter of the year, with 2,131 new companies established in the city as of the end of March, up 23.19 percent year on year. 

The majority of these companies, about 2,119, are domestic enterprises, a year-on-year increase of 67.03 percent.

Not only are there more businesses in the city, but they're also getting bigger, according to the Market Supervision Administration of Zhoushan. 

Among the newly established domestic enterprises, 66 have a registered capital of 100 million yuan ($14.91 million), up 32 percent from a year earlier. There are two companies with a registered capital of 2 billion yuan, one with 1 billion yuan and one with 500 million yuan. 

Most of the new companies settle in the city's China (Zhejiang) Pilot Free Trade Zone (FTZ). 

Statistics show that, 1,486 new domestic enterprises were established in Zhejiang FTZ during the first quarter, accounting for 70.13 percent of the city's total. 

Among the new companies in the zone, 43.78 percent engage in oil trade, at about 655. Additionally, all 10 of the new foreign-funded enterprises in the city settled in Zhejiang FTZ.