Optimized business climate bolsters market vitality

The number of market entities registered in Ningbo, East China's Zhejiang province increased from 498,800 in 2011 to 1.2 million in 2021, official data show.

The 2.4-fold increase over the past decade can be mainly attributed to the city's optimized business climate.

Ningbo was ranked fifth among cities (excluding municipalities directly under the central government) in China in terms of business climate, according to a report by the All-China Federation of Industry and Commerce on November 2021. The report was made based on a survey that polled over 69,000 private enterprises across the country.

In recent years, the local government has been streamlining administrative service procedures to improve the ease of doing business in the city.

All procedures concerning business registration and cancellation in Ningbo can all be handled online.

The city has also taken a leading role in Zhejiang to launch electronic business licenses and seals, allowing applicants to obtain business licenses less than one hour after application.

In 2021, 99.9 percent of new market entities in Ningbo were registered online. More than 20,000 companies - about 70 percent of the city's total - benefited from the simplified cancellation procedures.

In addition, local entrepreneurs have been encouraged to be involved in formulating enterprise-related policies in the city.