From January to May, the number of newly registered companies in Xiangyang has reached 53,518, an increase of 27.62 percent, bringing the total number of market participants to 377,827 at the end of this period.

Among them, the number of self-employed commercial enterprises reached 43,089, an increase of 32.81 percent; the number of the private enterprises and farmers' cooperatives have also grown.

On May 26, Xiangyang implemented a unified system with a new registration model, which has improved the level services in administrative approval. This new system allows registration of applicants for industrial and commercial activities in the county or the city (district) to freely choose the company registration authority for the registration of their activity, which thus abolished the regional restrictions of the industrial and commercial registration. After the implementation of the new model, there has been an increase of more than 1,200 new industrial and commercial enterprises registered in a month.

This model applies to four types of businesses, namely industrial and commercial companies, individual enterprises, partnerships and agricultural cooperatives for the issues like pre-approval of the name, establishment, modification and cancellation of registration.