Wuxi tops Jiangsu in registered capital of new foreign firms

The registered capital of newly-funded foreign-invested companies in Wuxi, East China's Jiangsu province, reached 1.19 billion yuan ($176.47 million) in April, an increase of 95.68 percent year-on-year and ranking first in Jiangsu.

That same month, Wuxi was home to 3,956 newly-registered companies, including 22 foreign-invested companies and 3,309 private companies. By the end of April, the total number of companies in the city exceeded 1.05 million.

These companies are mainly engaged in the scientific research and technology services, wholesales and retail, leasing and business services, building, and manufacturing industries.

The increase rate of companies involved in the primary industry in April was 8.33 percent year-on-year, the highest among the three major industries, as many entrepreneurs saw the opportunities brought about by the COVID-19 pandemic.

Taking notice of increasing interest in Chinese herbal medicine, Wu Wei built the first herbal medicine plantation in the Yixing Yangxian scenic area and funded an agricultural company in the area.

Wu said that he plans to transform the plantation into a cultural and innovation industrial park to promote Chinese herbal medicine in the future.

Impressed by Wuxi's promising development and preferential business environment, China State Construction International Investments Ltd invested 156 million yuan to establish a subsidiary in the city after the company established a hotel for pandemic prevention.

In April, the number of deregistered market entities was 4,631, down 22.3 percent year-on-year.