Taizhou has been treating the improvement of its business environment as a systematic, long-term priority. The city has also pioneered a province-first reform that allows major industrial projects worth over 100 million yuan ($14.14 million) to proceed by default if administrative approvals exceed the time limit. Thanks to these efforts, Taizhou was named "City with the Happiest Entrepreneurs" in 2023 and 2024.
To make services faster and more accessible, Taizhou has established a dedicated one-stop business service zone, enabling 15 high-frequency matters — including business information changes and transportation company registrations — to be completed online. This streamlined model has significantly accelerated government-business interactions.
Over the past five years, a series of reforms has fueled strong growth in the number of market entities. By the end of September this year, Taizhou had 742,800 registered market players, up 1.9 percent year-on-year. Private enterprises and individual businesses now account for 96.6 percent of the total, forming the backbone of the city's economic growth.
Foreign trade remains robust. In the first three quarters of this year, Taizhou's exports reached 96.28 billion yuan, an 8.1 percent increase. Electromechanical products continued to serve as a pillar, accounting for more than 70 percent of export value and rising 10.7 percent year-on-year.
Taizhou is also taking steady steps toward global integration. Over the past five years, the city has approved 110 new overseas investment enterprises in 22 countries and regions. In the first three quarters of this year alone, 17 new overseas investment enterprises were approved, including nine in countries involved in the Belt and Road Initiative.
Foreign investors are coming in with equal enthusiasm. During the 14th Five-Year Plan period (2021-25), the city is expected to utilize over $5 billion in actual foreign investment, with reinvested profits accounting for 52.36 percent — a significant rise from the previous period.
With confidence rising on both sides of global investment flows, Taizhou's reform-driven business environment continues to make the city a dynamic hub for high-quality development and international cooperation.