WEDZ adds more than 18,000 market entities in 2023

A refreshing view of Junshan New City in WEDZ. [Photo provided to en.whkfq.gov.cn]

According to the news from the market supervision bureau of the Wuhan Economic & Technological Development Zone (WEDZ), the zone reported 18,917 newly registered market players in 2023, a year-on-year increase of 26.6 percent.

The figures reflect WEDZ's optimized investment environment and development resilience. Sticking to the commercial affair system reform, the zone's market supervision bureau has shortened the time needed for government reviews and approval. It also shortened the registration period of foreign-invested companies to just one work day, further injecting vitality into the market.

For example, the bureau received the registration application of a consultancy center at the end of the last September. After learning about the center's demand, the bureau's staff members handled all the registration procedures online, helping the center's operator to obtain the business license before the National Day holiday. This support was lauded by the operator.

Additionally, by the end of 2023, WEDZ recorded 38 new foreign companies, up 12 percent, with the new foreign investments totaling $792.85 million.