The market entities in Taicang, a county-level city in Jiangsu province, has exceeded 110,000, local media reported from the municipal administrative examination and approval bureau on Dec 24.

As of Dec 24, the bureau has register a total of 110,021 market entities, up 10 percent year on year. The huge number consists of 72,559 private companies, 36,950 enterprises, and 503 cooperatives run by farmers.

It took the city only 10 months to set the new record -- the city's market entities has just reached 100,000 in February 12.

The entrepreneurship wave was pushed by the city's efforts in streamlining and automating the registration of market entities.

In administration centers or 24-hour service halls, applicants can operate designated intelligent terminals and obtain business certificates with no other documents but their ID cards.

The examination and approval process has been reduced to a single work day at the longest.

The city of Taicang praises the role of private sector economy and has been committed to forging a favorable environment for innovation-driven private enterprises. Since 2010, the city has inked comprehensive cooperation deals with 21 universities and institutes.

In 2018, Taicang ranked second in China's top 100 county-level cities in terms of technological innovation, and was home to a total of 237 certificated hi-tech private enterprises. As of the end of 2019, the number of private enterprises in Taicang has added up to 31,200.