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244 foreign-funded enterprises registered in Qingdao in Q1

There are 244 foreign-invested enterprises registered in Qingdao in the first quarter of 2021, up 41.86% year-on-year, as per data from Qingdao Municipal Market Regulation Bureau.
By the end of March, there were 13,735 foreign-funded enterprises in Qingdao, up 1.75% than the same period of last year. The simplified registration process and continuous optimized business environment in the city has facilitated more and more foreign enterprises to make investment in the city.
In Q1, wholesale & retailing, rental and commercial service and manufacturing takes the first three places in term of new business registration with number of 83, 47 and 25 respectively. 211 of the 244 newly registered enterprises are in the service sector, accounting 86.48% of the total in the quarter. Chengyang District and Qingdao West Coast New Area took the lead in the city and registered 56 and 33 foreign-funded enterprises in the first quarter. The Republic of Korea and Singapore are the first two investment source countries in Q1.
In the first quarter of 2021, Qingdao learned from Shanghai and Shenzhen and took measures to attract foreign investment. The mechanism for market entities to exit the market was refined in the city and the deregistration notice period was reduced from the previous 45 days to 20 days. Online cross-border registration service was realized to further facilitate investment by foreign investors.