The total number of market entities in Wuxi, East China's Jiangsu province exceeded 1 million as of Aug 25, according to official data from the local market supervision bureau.
Wuxi is now home to 345,100 private enterprises, 32,300 domestic non-private enterprises, 7,100 foreign-funded enterprises, 613,000 individual industrial and commercial households, as well as 3,400 specialized farmer cooperatives among the city's main market entities.
A foreign-funded enterprise working on the research and development of artificial intelligence technology became the one millionth market entity in Wuxi.
In recent years, Wuxi has been focusing on technological innovation industries like new-generation information technology, biomedicine, and smart equipment. The city is also active in the integrated development of science and technology innovation in the Yangtze River Delta region, aiming to develop into a hub for entrepreneurship and innovation.
Wuxi has been committed to optimizing its business environment and improving services for enterprises to encourage market entities to innovate and start businesses.
Statistics show that since the beginning of this year, a total of 7,222 manufacturing entities, as well as 7,445 entities in scientific research and technical service industries were established, a year-on-year increase of 55.92 percent and 40.47 percent respectively.
These newly established manufacturing companies, as well as technology research and development companies are expected to provide strong support to the city's economic development, according to officials.