A Singaporean oil tanker berths at a dock at Cezi Island, Zhoushan, East China's Zhejiang province, on Feb 11, 2018, to discharge 136,000 metric tons of oil. [Photo/IC] 

Zhoushan in East China's Zhejiang province has proven to be a magnet for businesses, with more than 4,800 new companies coming to the city in the first half of the year.

The city received 4,798 new domestic-funded companies during the six month period, with a total registered capital of 81.6 billion yuan ($11.9 billion), up 32 percent year-on-year. There were also 33 new foreign-funded companies.

Judging from the registered capital, the number of big companies in the city has increased, said an official from the city's market supervision administration. 

According to statistics, the number of domestic-funded companies with registered capital of more than 100 million yuan totaled 150 during the six month period, including a new energy company and a logistics company with registered capital of 5 and 2 billion yuan, respectively. 

The remarkable growth can be attributed to the rapid development of China (Zhejiang) Pilot Free Trade Zone and its administrative procedures streamlining reforms in the first half of the year, said the official. 

Statistics showed nearly 70 percent of the new domestic-funded companies are located in Zhejiang FTZ, including 131 with registered capital of more than 100 million yuan each. Meanwhile, oil processing and trade companies accounted for a large portion of the zone's new companies, about 44 percent, or 1,469. 

New foreign-funded companies in Zhejiang FTZ accounted for around 76 percent of the city's total and included five cosmetics companies from South Korea.