A businessman registers his business in Yiwu, Zhejiang province. [Photo/ywcity.cn]

Yiwu, China's hub for small commodities, has experienced a remarkable increase in new business registrations this year. Over 3,873 new market entities have been registered since Feb 18, a 13.68 percent rise from the same period last year, with a record of more than 800 registrations in a single day.

The city now boasts over 1.06 million market entities, representing a significant share of both national and provincial totals.

The city has also seen a 34 percent increase in new foreign-funded enterprises this year.

Vladimir, a Russian businessman, expressed his excitement about doing business in Yiwu, citing the city's abundant resources and logistical advantages. He also commended the streamlined business registration process.

Yiwu's market supervision bureau has improved registration services by upgrading systems and offering value-added services, making the process more standardized and convenient.

Furthermore, the city has enhanced its licensing services, with the intelligent registration system now on its third version, ensuring easy access, flexible modifications, and efficient business closures.

Yiwu has also pioneered the implementation of a credit commitment system for foreign investment registration in the province, with the government purchasing translation services for foreign language materials, benefiting 12,000 foreign investors and saving them 477,000 yuan ($66,260) in fees.