China's Yiwu: world's largest wholesale market for daily commodities

Purchasers try VR motorcycle games at an expo of Yiwu small commodities in Yiwu, east China's Zhejiang Province, Oct. 21, 2018. 40 years ago, Yiwu was a small agricultural county in the middle of Zhejiang Province. Nowadays, the county-level city has become "the world's largest wholesale market for daily commodities". In 2011, the State Council approved the "Yiwu International Trade Comprehensive Reform Pilot" and gave Yiwu market the autonomy of the first test. In 2017, Yiwu's small commodity market has ranked first in the national professional market for 26 consecutive years, with a market area of more than 6.4 million square meters, 75,000 business stores, and more than 1.8 million products sold to 210 countries and regions around the world. At the same time, Yiwu optimizes the e-commerce environment and builds a support system for the entire industry of e-commerce. In 2017, Yiwu's e-commerce transaction volume reached 222 billion yuan (32 billion U.S. dollars). In recent years, Yiwu City has actively responded to the Belt and Road initiative. Nine freight rail routes have been launched from Yiwu to Central Asia, London and Spain, influencing 34 countries and regions, covering about 2,000 kinds of commodities and hardware tools that are made in China. According to statistics, about 15,000 overseas merchants from more than 100 countries and regions are stationed in Yiwu. (Xinhua/Tan Jin)