Despite the adverse impact brought by the Covid-19 pandemic, the Yangpu area of Danzhou—a northwestern city in China's island province of Hainan—saw a steady increase in market entities last year.

According to local authorities, currently there are more than 64,000 market entities in the Yangpu area. Over 36,000 new market entities were added in the year 2022, including over 10,600 new companies (up 12.5% year on year) and over 25,400 new self-employed individuals / households.

Aerial photo shows companies and businesses in the Yangpu Economic Development Zone, one of the eleven key industrial parks for the development of the Hainan Free Trade Port. (Photo: Xinhua)

Aerial photo shows companies and businesses in the Yangpu Economic Development Zone, one of the eleven key industrial parks for the development of the Hainan Free Trade Port. (Photo: Xinhua)

The increasing market dynamism in the area can be attributed primarily to the ongoing efforts made by local authorities to attract investment and optimize the business environment. These include simplifying the review & approval process and assigning dedicated service staff to assist enterprises in troubleshooting issues in order to reduce operating costs and provide businesses with higher-quality services.

One of many examples:  after cutting out unnecessary formalities and requirements, business registration in the area now takes only half a working day. In addition, in 2022 Yangpu reduced costs by about 1,400,000 yuan for over 4,000 new businesses established in the area by offering them free company seal carving services.

The Sinopharm Healthcare New Retail Center in the Yangpu Free Trade Zone (Photo: Xinhua)

A staff member cleans equipment in the Hainan Kingfa SCI. & TECH. factory, located in the Yangpu Free Trade Zone. (Photo: Xinhua)

Workers check yacht parts in the Hainan Zodiak Milpro factory, located in the Yangpu Free Trade Zone. (Photo: Xinhua)

A staff member sorts bottles of red wine at the Yangpu International Wine Trading Platform, located in the Yangpu Free Trade Zone. (Photo: Xinhua)

A staff member sets up displays at the Hainan Yulinglong Jewelry Technology exhibition area, located in the Yangpu Free Trade Zone. (Photo: Xinhua)