Foreign biz units soaring in Yiwu

The total number of foreign-funded business entities in Yiwu, Zhejiang province, officially surpassed 10,000 on Thursday, making it the first county-level city in China to achieve this feat.

Pakistani entrepreneur Ali Kamran received the business license for his new company in Yiwu, marking a major milestone.

Since the establishment of its first foreign-funded enterprise in 1989, Yiwu has remained committed to reform-driven development and service-oriented governance.

China's accession to the World Trade Organization in 2001 further accelerated Yiwu's economic opening. "In 2005, the city's foreign trade volume exceeded its domestic trade for the first time, signaling a rapid growth phase for foreign-funded businesses," said Lou Xiaodong, director of the Yiwu Market Supervision Administration.

According to Lou, representative offices, foreign-invested partnerships, and foreign-invested enterprises are the three main types of foreign business entities, each contributing to Yiwu's robust foreign trade at various stages.

Today, investors from 165 countries and regions across six continents have established businesses in Yiwu. Among these, 133 are from countries and regions participating in the Belt and Road Initiative, accounting for 81 percent of the total.

In May 2024, Yiwu launched "YiJing", the province's first online service platform for foreign residents. The app offers integrated support covering daily life, business activities, and government services. It enables online consultation and processing for over 120 administrative items across more than 10 departments, including accommodation registration, visa applications, and work permits. Seventeen of these services can be booked and completed entirely online.

"We've pioneered a series of forward-looking and replicable reforms in foreign business registration," Lou said. "Yiwu is now authorized to register all types of foreign-funded business entities. Since 2019, the registration process for all entities has been shortened from the legal maximum of 15 days to just one."

Yiwu has also led the nation in piloting a commitment-based registration system for foreign businesses. In March this year, Yiwu issued Zhejiang's first business licenses processed entirely with foreign passports, enabling expatriates to complete company registration fully online.

According to Chen Jianwei, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, Yiwu's dynamic business environment and vibrant market demonstrate that "investing in China is investing in the future." He noted that China is not only an ideal destination for global business, but also an increasingly attractive place to live and work, underscoring the country's firm commitment and tangible progress in advancing high-level opening-up.