A view of a property project under construction in Hangzhou, Zhejiang province. [Photo/chinadaily.com.cn]

Hangzhou in East China's Zhejiang province is now home to more than 2 million registered market entities. The milestone was reached on Nov 25, when a new company opened in Linping district's Computing Power Town.

The number of market entities in the city has doubled since 2018, achieving an annual growth rate of nearly 10 percent.

In 2023, new registrations surged, with close to 1,000 entities added daily from January to October. Emerging sectors like artificial intelligence, smart connectivity, and biopharmaceuticals have driven much of this growth.

Conversely, nearly 40 percent of deregistration this year came from traditional wholesale and retail businesses, indicating a transition from conventional commerce to higher-value industries.

"The renewal of market entities reflects Hangzhou's ongoing economic upgrade and focus on quality growth," said Ma Chengrong, director of the municipal market regulation bureau.

Reforms aimed at simplifying business registration and improving services have bolstered this transformation. The city has streamlined processes for domestic and foreign investment, digitized operations, strengthened compliance through credit-based systems, and enhanced support for businesses.

Hangzhou expects the number of self-employed businesses in the city to surpass 1 million by early 2025, marking the next major milestone in its economic evolution.