The number of market entities -- business entities which are types of organizations including partnerships, sole proprietorships and limited liability companies formed to conduct business -- is undergoing rapid growth in Lishui city.

The total number based in the city in East China's Zhejiang province reached 300,013 as of March 1, exceeding 300,000 for the first time, Lishui's market supervision bureau reported recently.

In recent years, Lishui has continued to streamline its business registration process, aiming to create a first-class business environment. The administrative processing time it takes to officially start a business has been reduced from seven working days to only one day, according to officials.

The number of market entities in the city increased from 141,900 when reforms began of the commercial system in 2013 to 300,013 -- a 111.4 percent growth spurt. In 2020, 11,071 new enterprises were set up, with a year-on-year increase of 17.85 percent. That growth rate ranked Lishui first in the province.

Last year, in response to the outbreak of COVID-19, the city rolled out a raft of measures -- tax cuts, financial support and employment services -- to help small enterprises and individual industrial and commercial households overcome their difficulties.