Thursday marks the 30th anniversary of the establishment of Yiwu International Trade City, home to one of the world’s largest markets for light manufactured goods.
Exports have posted 100% annual growth in this eastern city of China over the first 11 months of this year, exports worth a total of 6.5 billion US dollars. Its products are shipped to over 219 countries and regions around the world with 1.7 million varieties of commodities exported each year. Miranda Lin has the story.
It calls itself the Christmas ornament capital of the world. Yiwu city has become a shop window for buyers around the world.
Meanwhile, the country’s main export hub has began to cast its eyes on domestic consumers.
Part of the reason behind the strategy change is the sluggish demand in foreign markets in recent years.
The store for imported goods, which was opened last year, is one of the moves to offset its over-reliance on foreign buyers.
Fatima, Businesswoman from Republic of Senegal, said, "I’ve been doing business for 7 years here, which offers me great profits."
Founded in the 1980s, a small trade market of peddlers in Yiwu city has grown into a well-known trade hub in China, going through dozens of moves and renovations. History is a successful story for the local government in creating a location for tens of thousands of business dealers.
With a sharp decrease in logistics cost, business people are trying to expand their reach, by selling large commodities and services abroad. The newly-launched YIWU online store is another try, aiming to make the city the largest trade platform in the world.
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