Interview Notes: Looking at the Greatness of China's Economy from the "Small" Perspective of Yiwu

The city center, connected by five major market areas, has become the largest single market in China's small commodity city, with a daily passenger flow of over 200000 people; On the road, when there are many trucks shuttling around in a day, about 20000 vehicles; On average, 30 million parcels are sent out from here every day

This is Yiwu, Zhejiang, a city built on the market.

In Yiwu in September, the heat is still lingering. The reporter walked into Yiwu International Trade City and felt the heat of the "world's largest commodity market".

Merchants from all over the world gather here to purchase goods and negotiate cooperation. Strolling through the dazzling array of small commodities, I deeply feel the vastness of the market: 75000 shops, if calculated based on 8 hours of market operation per day and 3 minutes of stay per store, would take over a year to complete. These shops are associated with over 2.1 million small and medium-sized enterprises and 32 million industrial workers nationwide.

For over 40 years, Yiwu has written the legend of China's county-level economic development, from "chicken feathers for sugar" to "world supermarkets", and has created an innovative Yiwu experience with the spirit of "making something out of nothing". Relevant data has become a barometer reflecting China and even global foreign trade and economic trends.

This is a window, through Yiwu, to observe the market, China, and the world.

In Yiwu, small commodities have a large market——

Entering the hardware tool accessories area of the second district of the commercial city, the reporter met Nepalese businessman Bi Xunu who came to purchase.

"In the market of Yiwu, there is nothing that cannot be bought, only unexpected." This purchaser who has been stationed in Yiwu for more than 20 years said that doing business in Yiwu is very convenient, with over 6000 Nepalese businessmen traveling to Yiwu every year.

Recently, merchants have been purchasing daily necessities at Yiwu International Trade City. Photo by Xinhua News Agency reporter Huang Zongzhi

Yiwu gathers 26 categories and 2.1 million types of goods, with trade covering more than 230 countries and regions worldwide. "A container is often a small supermarket.".

"Don't underestimate a zipper. Yiwu's zipper production accounts for 30% of the country's total, exports account for 60% of the country's total, while China's zipper production accounts for about 60% of the world's total." He Jun, President of the Yiwu Zipper Industry Association, said that through technological innovation, the proportion of "Yiwu made" zippers in the high-end market continues to increase.

As is well known, the Yiwu Index has a profound impact on global small commodity pricing, sometimes even becoming a barometer for predicting world dynamics. For example, when it comes to international events such as the World Cup, some people will predict the winner based on the quantity of sports equipment sold in Yiwu.

As the Hangzhou Asian Games approach, Yiwu also demonstrates the economic dividends of the Asian Games.

Wang Qiang, President of the Yiwu Sports and Fitness Equipment Industry Association, told reporters that from the Chengdu Universiade to the Hangzhou Asian Games, intensive competitions have driven a rapid growth in Yiwu sports equipment orders since the beginning of this year, with some merchants scheduling orders until the end of the year.

According to statistics from Yiwu Customs, the export of sports goods in Yiwu reached 4.21 billion yuan in the first seven months of this year, a year-on-year increase of 24.6%.

Opening the window of Yiwu, the world not only sees the hard power of China's manufacturing industry, which has steadily ranked first in the world, but also feels the huge potential of the huge consumer market with over 1.4 billion people.

In Yiwu, small businesses unleash great vitality——

The enterprises in Yiwu are not large, with individual businesses accounting for more than 70% of the total number of market operators; But the vitality of the enterprise is not small. As of August 16 this year, Yiwu's registered market operating entities have exceeded one million households, ranking second in the country's counties.

This set of data witnesses the vitality index of the Yiwu market: it took 26 years for market operators to break through the first 100000 households, doubling from 500000 to 1 million households in just 4 years.

Small businesses gather large industries. Today, a group of industry "singles champions" have emerged in Yiwu, showcasing the beautiful business cards of "Made in Yiwu" and "Made in China" in the international market.

Interior view of Yiwu International Trade City. Photo by Xinhua News Agency reporter Yu Jiaxin

Children's umbrellas designed without corners, China-Chic umbrellas full of retro style... When entering the Xingbao Umbrella Industry, a shop in the second district of the Trade City, the reporter was attracted by a variety of innovative new umbrellas.

"When customers come, there will always be new models," store manager Zhang Jiying told reporters, "The life of a company lies in keeping up with the times.". It is precisely because of unremitting innovation that the company has more than 3000 umbrellas, and the added value of its products continues to increase, continuously entering the mid to high end market. Now, it has been exported to more than 100 countries and regions.

This is an aggressive Yiwu: under the COVID-19, overseas purchasers could not come, so they took the initiative to go out and establish the first overseas sub market in Dubai; When traditional trade was sluggish, a number of new formats such as cloud procurement, overseas warehouses, and proxy exhibitions emerged; Establishing the first county-level city comprehensive reform pilot approved by the State Council, Yiwu Railway Port is the only county-level city railway port in China

This kind of adventurous and innovative spirit is also a microcosm of the high-quality development of the Chinese economy. In the first eight months of this year, despite fluctuations in some economic indicators, investment in high-tech industries continued to grow at double-digit rates, witnessing the resounding pace of high-quality development.

In Yiwu, "small county towns" nurture great opportunities——

Yiwu is one of only four county-level cities among the 105 major cities in China. Although it is a small county town, the light rail here can directly reach Jinhua and Dongyang, with convenient transportation by road, railway, and air, and direct logistics to over 1500 counties and cities; With the external connection of the "the Belt and Road", import and export commodities are all over the world.

Walking in the commercial city, the faces of foreigners can be seen everywhere. Nowadays, there are over 15000 overseas merchants from over 100 countries and regions residing in Yiwu.

At the Yiwu railway port, the Yixin Europe Express, which is heading for the countries jointly building the "the Belt and Road", is busy, transporting Chinese small commodities to Central Asia, Europe and other countries in a steady stream, and also returning with boxes of imported goods. In the past 10 years, the import volume of Yiwu has increased nearly tenfold.

The picture shows the 10000th China Europe freight train waiting to depart at Yiwu West Station in 2023. Photo by Xinhua News Agency reporter Wei Yijun

Walking on the streets of Yiwu, you can see delicious food from all over the world. The Jimingshan community here is known as the "United Nations community", with nearly half of the permanent residents being foreigners, becoming a window of internationalization for this small town in central Zhejiang.

Jordanian businessman Mohammad, who has lived in Yiwu for 21 years, opened an Arab restaurant in the area with customers from all over the world. He said that Yiwu is full of opportunities, and this is a place where dreams can be realized.

A respectful, inclusive, open, and diverse environment is the attraction of Yiwu, as well as the charm of China's attraction to global foreign investment.

This is Yiwu, where the small see the big, reflecting the never-ending power of China's economy.