(CFP Photo)

In the first half of this year, the number of newly registered business entities in Jiangsu reached 936,000, up 11.4% year-on-year, bringing the total number of market players to 14.447 million, a 5.3% increase.

The growth came as Jiangsu focuses on fostering more businesse entities in deepening administrative reform, which includes simplifying the approval procedure and optimizing the business environment.

Lyu Yonggang, deputy director of the Economic Research Institute of the Jiangsu Provincial Academy of Social Sciences, said the province's economy achieved a steady growth and a reasonable expansion in the first six months despite the complex and challenging external environment. The dual growths of the total number of existing and newly registered business entities, on the basis of higher figures, reflect the confidence of investors and entrepreneurs in the coastal province, according to Lyu.

"Jiangsu enjoys multiple advantages, such as a strong industry foundation, scientific capabilities, openness, sound business environment and rich cultural heritage. There are great opportunities for business innovation, entrepreneurship, and development in the province," said Lyu.

In addition, the province's market supervision departments have effectively maintained the market order and fair competition. With 44,000 high-tech enterprises, the province has established 168 contact points and recognized 2,040 demonstration sites (enterprises) and 30 bases to support the protection of trade secrets.

In one of the cases, the Market Supervision Bureau in Suzhou's Wuzhong District received a report on one robotics company poaching R&D personnel from another company and then producing similar products. The bureau conducted an investigation, finding substantive plagiarism closely related to a job hopper surnamed Yang. As a result, the robotics company and Mr. Yang were fined 250,000 yuan and 150,000 yuan respectively.