Wuxi improves business environment

Wuxi in East China's Jiangsu province has created a more favorable business environment in recent years.

The city has rolled out a series of measures to support local businesses this year, including 10 measures directed at foreign trade and 10 at foreign investment, and lowered financing costs for enterprises.

As of August, the loan balance for small and micro-sized businesses in Wuxi was 240.77 billion yuan ($33.85 billion).

Hongsheng Thermal System Co Ltd, one of the leading enterprises in China in the aluminium alloy heat exchanger industry, exports 80 percent of its products and invests 10 million yuan to develop products each year.

Gong Shaoping, finance manager of Hongsheng, said that in the first half of this year, the enterprise received nearly 25 million yuan in tax reimbursements for exports, helping replenish working capital.

As a pilot city for the application of electronic business licenses, Wuxi allows market entities to handle 237 related affairs with an e-business license.

Starting businesses is now more convenient in the city as it takes just one working day to set up a company and is completely free.

Wuxi has also launched reforms to ensure the precise allocation of resources and efficient administrative reviews and approvals for new projects.

In the first nine months of this year, the actual utilization of foreign capital in Wuxi was $3.2 billion, up 35 percent year-on-year. The city is currently home to 1.07 million market entities, with a daily increase of 370 market entities this year.