Yiwu, a county-level city in Jinhua, Zhejiang province, launched its import trade innovation pilot program on Dec 25, marking the successful execution of its first transaction. This is Yiwu's first reform initiative following the State Council's approval of the overall plan for deepening comprehensive international trade reforms in the city.
The pilot program, with Zhejiang China Commodities City Group (CCC Group) as the pioneering enterprise, selected a list of imported products with high domestic demand and widespread consumption.
The initial list covers children's toys, daily essentials, and household appliances. After being imported by the group and clearing customs, these goods are distributed to wholesalers at the Yiwu Imported Commodity Market for subsequent wholesale and retail transactions.
The program explores optimized pre-import licensing management and introduces a new comprehensive management mechanism through the innovative "144 supervision system", ensuring full-process supervision during and after import.
The "144 supervision system" comprises a digital supervision platform, four restrictions on entities, products, channels, and money, and four mechanisms, including traceability, dual supervision, credit management, and consumer protection.
Leveraging a digital joint supervision platform developed by CCC Group, the pilot program offers one-stop inspection and certification services for imported goods, facilitating customs clearance with online license verification.
This initiative boosts inspection and certification efficiency by an impressive 75 percent, reducing costs by 15 percent to 30 percent.
