Industrial enterprises above designated size in Yiwu, East China's Zhejiang province, spent 1.29 billion yuan ($191.27 million) on research and development from January to March this year, a year-on-year increase of 101.2 percent and accounting for 3.41 percent of their operating income, according to local media outlets.

Zhejiang Huayi Pharmaceutical Co of Hangzhou Huadong Medicine Group spends more than 20 million yuan in scientific and technological research and development every year. This research and development investment accounts for 13 percent of its main business income. In 2021, the company spent 30.77 million yuan on research and development.

In order to create a suitable atmosphere for scientific and technological innovation, Yiwu continues to promote the cultivation of innovative entities and improve the gradient cultivation system for small- and medium-sized technology-based enterprises, national high-tech enterprises, and leading innovative enterprises.

In 2022, 48 enterprises based in Yiwu have so far applied to become national medium- and small-sized science and technology enterprises, while 58 local enterprises have applied to become provincial ones. A total of 74 additional municipal R&D centers were recognized this year.

In the first quarter of 2022, Yiwu's high-tech industry investment amounted to 1.5 billion yuan, ranking first in Jinhua. The added value of the high-tech industry increased by 53.6 percent yearly to reach 6.68 billion yuan, accounting for 80.38 percent of the total added value of industries above designated size.