Jiangsu to open doors wider for businesses

Jiangsu province is set to implement various strategies to optimize its business environment and promote high-level openness in response to the complex and evolving international economic and trade landscape.

Jiangsu, a key economic hub, had more than 14.6 million business entities by 2025, with more than 400 Fortune Global 500 companies investing and operating in the province, which highlights the strong appeal of its business environment.

Governor Liu Xiaotao said at a news conference on Thursday that Jiangsu's economic output reached 14.2 trillion yuan ($2.09 trillion) in 2025, with a per capita GDP of 167,000 yuan, placing it at the top among all provinces and regions in China.

During the 14th Five-Year Plan period (2021-25), Jiangsu saw an 85 percent increase in high-tech enterprises.

Additionally, its newly added RMB and foreign currency loans have led the nation for four consecutive years, and the province has been the top recipient of foreign investment for eight consecutive years.

To further enhance its prestigious business environment, Jiangsu will focus on meeting the needs and expectations of businesses by introducing a series of practical measures aimed at stabilizing and strengthening enterprises, according to senior provincial officials.

Si Yong, director of the department of commerce of Jiangsu province, said that in the face of the current international trade environment, Jiangsu's doors will only open wider.

According to him, Jiangsu's foreign trade imports and exports grew by 19 percent year-on-year from January to April this year.

Si announced plans to shape a higher-level open economy and better contribute to national development.

"We will seize the trends of high-end, intelligent, and green industries to support more innovative products from Jiangsu setting sail globally," Si said. "We will make every effort to enhance the quality of foreign investment. We aim to actively attract strategic and equity investments, promote reinvestment by foreign enterprises, and develop foreign-invested headquarters and R&D centers."

"At the same time, we are committed to enhancing the level of institutional openness," he added.

Nanjing Jiangbei New Area, located in the provincial capital city, is a model for enhancing its business environment through systematic services and institutional innovations, encouraging enterprises to settle and grow.

In the biopharmaceutical sector, the area has achieved rapid processing of medical device licenses within one working day, construction permits in half a day, and combined environmental assessments.

It is exploring the "efficient completion of a single task" reform to simplify processes and reduce business costs for companies, while introducing measures like "contactless approval" to improve efficiency.

By encouraging foreign enterprises to increase investment, attracting foreign headquarters, and ensuring major foreign projects are supported, the area prioritizes projects that align with key industry directions and demonstrate high growth potential. These projects receive priority in resources such as energy, land and financial services.

The talent environment has also been significantly improved. Jiangbei New Area has introduced a series of policies to attract high-level, overseas and industry-specific talent, providing a rich talent pool for foreign companies. Additionally, it offers integrated services for international talent, including housing, education for children, and healthcare.

Zhu Aixun, director of Jiangsu's development and reform commission, said that the province is set to focus on "reform, service and rule of law" to optimize its business environment during the 15th Five-Year Plan period (2026-30).

Key initiatives include implementing a "non-prohibition, entry-allowed" market access system to foster a unified national market and removing barriers to fair competition, he said.

"The province aims to enhance market regulation, standardize benchmarks and regulate local government economic activities," said Zhu.

Efforts will also focus on improving government services by streamlining processes and reducing costs, while enhancing communication between the government and businesses.

To ensure legal protection for businesses, Jiangsu also plans to revise existing ordinances and introduce new ones to combat unfair competition, he said, adding that the province will adopt flexible enforcement methods, promoting an economic order that is both dynamic and well-regulated.

Guo Jun contributed to this story.

cangwei@chinadaily.com.cn