Yiwu in East China's Zhejiang province has seen rising investment in research and development in recent years.

In 2021, the city's investment in research and development increased by 37.8 percent year-on-year to 2.77 billion yuan ($398.13 million). The growth rate ranked seventh among the province's 90 counties, cities and districts, according to an official report.

In addition, a total of 69.06 percent of industrial enterprises above designated size have been carrying out research and development work. The amount ranked fourth in the province.

R&D investment is essential to the development of science and technology, according to officials from the local bureau of science and technology. The bureau has been incentivizing enterprises and institutions to attach more importance to scientific and technological research and enhance independent innovation capabilities.

Since the beginning of this year, the bureau has cultivated 244 small- and medium-sized technology-based enterprises and recommended 124 national high-tech enterprises, one leading provincial technology company and one little giant technology company.

The bureau has also been working to improve the full-chain incubation system of innovation and incubation platforms in order to provide complete services and support for start-ups. The city is currently home to one national technology business incubator and three national maker spaces.