A total of 3,349 companies registered in Zhoushan, East China's Zhejiang province, in the first quarter of this year, a year-on-year increase of 117 percent, according to statistics from the local market supervision bureau.

Among them, a total of 43 have a registered capital of over 100 million yuan ($15.31 million), a year-on-year increase of 79.17 percent.

Around 2,730 companies registered in the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone, a year-on-year increase of 135.34 percent and accounting for 81.52 percent of the city's total.

Because the requirements for establishing individual businesses in the Zhejiang FTZ's Zhoushan area have been lowered, the number of such new establishments in the area experienced a nearly sixfold year-on-year increase during the same period to 1,726.

In addition, the number of new tech companies in Zhoushan doubled to 787 as a result of the digital reform project in Zhejiang.

Lastly, the number of new individual businesses in the city surged 71.02 percent year-on-year to 3,742, with a total registered capital of 605 million yuan, a year-on-year increase of 49.09 percent.