Yiwu: The Commodity Market

By Author: Morkel Smith
Total Articles: 25
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Yiwu is a city of about 1.2 million people in central Zhejiang province near the central eastern coast of the People's Republic of China. The city governs 8 towns and 5 sub-districts. It is well-known internationally for its small commodity trade and vibrant ‘free market'.

Today, Yiwu has a thriving scene with a flourishing market, emergent
economy and stable society. The city has 40,000 stores and possesses a whopping 1.5 million sq mt area. Its commodity industry has been leading in the regional economy and has also emerged as an international market. This huge market deals into almost all the products and offers about 200,000 varieties of daily goods. Its business volume is on the top of the largest special markets across the nation. It has also been given a unique title of being a market that ‘pays attention to quality', and ‘keeps promises' by the State Quality Supervisory Inspection and Quarantine General Bureau.

This vibrant market has evolved as an international commodity distribution center and many individuals and merchants come across the world to buy commodities here. It ...
... has certainly emerged as an important base for foreign merchants to purchase commodity. The economy of the cit is swiftly escalating and strengthening with its strong client base. At present, many industrial projects have also come into the city making an important industrial park. Approximately 64 square kilometers has been and is still being developed for more than 1300 enterprises.

It has cultivated into a hub of largest industries, scale enterprises and lacks of products. Socks, Jewelry, furniture, zippers, cosmetics, shirts, cultural articles, pen-making, toys are just to name a few. Today China is the biggest ‘sock market' as it is the main distributers to the top-notch retailers in all parts of the world. Daily products are forte of Yiwu and it is the only Small-Commodity Market in China that has topped China's 100 top open markets for six consecutive years and has also been listed as China's civilized open market for many years. It has been named as the banner of China's market economy and with a large variety of quality but cheaper commodities, the market has become a shopping paradise for tourists. Undoubtedly, it has emerged as a regional as well as an international tourist destination.

Many infrastructure projects have developed in the city that includes exhibition and sports centers and freeways. After a significant infrastructure development, the entire outlook of the city has changed and that too in a very short span. It is very rich in culture and it can be easily observed by its society. This constant development has also opened many career opportunities in the city and there has been a noteworthy improvement in the living standard of people.
Over a period of time, Yiwu wholesale market has developed in all aspects at a very fast pace. It keeps constantly innovating different products with a clear aim of becoming a commodity giant, and to turn out to be the topmost world commodity market in the years to come.

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