A local merchant hands a water toy to a foreign businessman at a store at Yiwu International Trade City in Yiwu, Zhejiang province on Feb 22, 2023. [Photo/VCG]
Yiwu, the world's largest small commodity wholesale market, is now bouncing back, as over 90 percent of businesses have reopened.
The market has seen an average daily traffic of over 120,000 people, including more than 1,000 foreign visitors, a year-on-year increase of 17.5 percent. The market's traffic has returned to around 95 percent of its pre-pandemic levels.
To accelerate the return of foreign buyers, Yiwu implemented 10 measures, including chartering commercial flights, optimizing the international business environment, and providing incentives for accommodation.
Data from Yiwu customs shows that since February, Yiwu's exports through market purchasing trade have continued to rise, with last week's exports increasing by more than 10 percentage points from the same period last year.
The number of overseas buyers has also increased, with over 10,000 permanent foreign traders now residing in Yiwu, growing at a rate of around 150 per day. "Most of them come here for the Yiwu International Trade City," said a representative of the Yiwu exit-entry administration bureau.
Since the beginning of the year, Yiwu has organized four economic and trade delegations and sent 95 companies to participate in trade expos in countries such as the UK, Germany, and Japan. The city has also provided support for companies exhibiting abroad by offering booth fee subsidies.
