Zhejiang to build Yiwu as an International Trade City in 3 Years

In early March, the local people were very excited when they knew that Yiwu was granted a pilot project of International Trade Reform. In order to start and promote the reform experiment as soon as possible, Yiwu city has recently carried out in full swing an in-depth study on the reform experiment, and worked out a preliminary three-year reform plan.   The reporter has learned that through three years’ reform, Yiwu will become a demonstration area of foreign trade development mode at the national level, an important base to promote industrial restructuring and upgrading

Zhejiang's Yiwu sees $US1.03b trade with BRICS nations in 2011

Yiwu, China's small commodity market in Zhejiang province, saw a strong growth in trade with India and fellow BRICS countries last year with the quantum touching $1.03 billion in value terms.   Exports to Brazil, Russia, India and South Africa reached $1.03 billion in 2011, up 52 per cent from the previous year, a statement issued by the customs department in Yiwu said. Yiwu was in news recently for wrong reasons following the illegal detention of two Indians on charges that their company had to pay the local suppliers for the goods purchased. The two had said they were merely

Woman detained in Yiwu after Indian man held captive in debt dispute

Police in Yiwu City, Zhejiang Province, said they have detained a Chinese woman after an Indian man was held captive in a debt dispute. The suspect, surnamed Wang, a Jiangxi native, is a former employee of an Indian businessman identified as Faisal. She began buying products for him in Yiwu in 2009, , Xinhua News Agency reported yesterday, citing local police. Faisal fell into arrears in salaries and payment for goods last year and the sum reached 450,000 yuan (US$72,580). Wang and a colleague paid for products to help Faisal weather the difficulty. Wang repeatedly asked for

Yiwu small commodities market sees sales decline amid economic slowdown

The city of Yiwu, famous as a wholesale marketplace for small commodities trading, has felt the pain of the economic slowdown in Europe and the US. Many traders in this Zhejiang Province city now think back fondly on the not-so-distant past, when an estimated 210,000 merchants a day - including 13,000 from abroad - buzzed about in a marketplace of some 60,000 stalls, offering almost 2 million pieces of merchandise that ranged from Christmas ornaments to toys and jewelry. Yiwu was such a thriving marketplace that the State Council, China's cabinet, made it home to the nation's small

Zhejiang's Yiwu sees exports to BRIC nations up 43% in Jan-May, 2012

Three men sit playing cards in Li Qiu's 15-square-meter store on a hot July afternoon in the largest commodities market in the city of Yiwu, a commercial hub of about 1.2 million people in East China's Zhejiang Province. Behind the three small businessmen, piled up on shelves are bells, candy canes, angels and candles: These are the stuff of Li's business. He sells Christmas decorations to the US and Europe once a year around July. "Business is dead," Li, owner of Yiwu Hongwei Trade Company, tells the Global Times. "I have closed one 20,000 yuan ($3,138) order from

Pic of missile-shaped water tank in Zhejiang's Duyuan village goes viral online

A photo of a missile-shaped water tank aroused many people's attention when it was recently published on the Internet. Many people mistook it for a real missile, even though it sits on a residential building in Duyuan village in Yiwu, Zhejiang Province.It is about 7 meters long.Photo: CFP    A photo of a missile-shaped water tank aroused many people's attention when it was recently published on the Internet. Many people mistook it for a real missile, even though it sits on a residential building in Duyuan village in Yiwu, Zhejiang Province. "It's hard to believe

20K overseas buyers expected at 18th China Yiwu Int'l Commodities Fair

The 18th China Yiwu International Commodities Fair opened Sunday in east China’s Zhejiang Province, attracting about 20,000 overseas buyers, organizers said Sunday. The 5-day fair is being held in Yiwu, a city known for its small commodities trade and vibrant free markets. The fair is expected to attract more than 170,000 buyers, including 20,000 overseas buyers, organizers said.   The fair has 6,000 exhibition booths. Other activities such as the Machinery Industry Exhibition will also be held during the fair, organizers said. The fair has been held

Yiwu pilots personal cross-border RMB settlement

A pilot scheme has been established in Yiwu City, Zhejiang province, for promoting personal cross-border RMB settlement, Shanghai Securities News reported. A mobilization meeting will be held to further expand this scheme nationwide at the end of May. At the same time there is no restriction on the amount of RMB settlements in this pilot scheme for individuals and small businesses. In early May, Guo Jianwei, deputy director-general at the monetary policy department of the People's Bank of China, said that they were focusing on studying detailed rules and measures for

Zhejiang's Yiwu tops Fobes ranking of China's 10 richest county-level cities

Counties in the eastern provinces of Zhejiang and Jiangsu top the Forbes ranking of China's 10 richest county-level cities as other provinces are challenging Guangdong's status as the nation's economic powerhouse. Yiwu in Zhejiang province, the hometown of the first translator of the Communist Manifesto Chen Wangdao, topped the ranking. The Zhejiang city of roughly one million people is a manufacturing and trading hub dubbed Santa's China factory for producing most of the world's christmas products. It's average per capita disposable income of 40,000 yuan (HK$50,580) per

19th China Int'l Yiwu Commodities Fair to be held on Oct 21-25

  As an international fair of general merchandise in China sanctioned by the State Council, the Yiwu Fair is jointly sponsored by the Ministry of Commerce and the People's Government of Zhejiang Province. It is one of the three export fairs held by the Ministry of Commerce and is a UFI approved event.   The 19th Yiwu Fair covers a total exhibition area of 150,000 square meters, with the Yiwu Fair Machinery Exhibition being held at the same period. There are 7 industries including hardware, electric appliance, ornaments and accessories, arts & crafts, home

Zhejiang's Yiwu releases financial reform plans

The small commodity trading hub of Yiwu in East China's Zhejiang Province announced its financial reform plans Tuesday following a batch of reforms by local governments since March 2012.   The reform covers seven measures including improving foreign currencies management, innovating cross-border yuan settlement and encouraging private capital to support real economies, local government of Yiwu, a city well known for its small item trade and exports, said in an statement published on cs.com under China Securities Journal newspaper.   The long-awaited reform

19th China Yiwu International Commodities Fair opens, to last till Oct 25

The 19th China Yiwu International Commodities Fair kicked off in Yiwu city, East China's Zhejiang province, on Monday, attracting more than 2,747 exhibitors and 11,325 registered buyers.   Exhibitors are from seven industries including hardware, electronics, crafts, decorations, underwear and socks, stationery and sports goods. More than 1.7 million kinds of commodities will be on display, said the organizer.   A record number of buyers will attend the fair this year. The number of buyers from foreign countries is up 300 percent year on year.   Yiwu

19th China Yiwu International Commodities Fair kicks off

The 19th China Yiwu International Commodities Fair kicked off in Yiwu city, East China's Zhejiang province, on Monday, attracting more than 2,747 exhibitors and 11,325 registered buyers.   Exhibitors are from seven industries including hardware, electronics, crafts, decorations, underwear and socks, stationery and sports goods. More than 1.7 million kinds of commodities will be on display, said the organizer.   A record number of buyers will attend the fair this year. The number of buyers from foreign countries is up 300 percent year on year.   Yiwu

2 people found dead in a sports car fire in Yiwu

Two people were found dead in a sports car that caught fire on Monday afternoon in Yiwu, Zhejiang Province, the Qianjiang Evening News reported.   Both victims, a man and a woman, appeared to have been trapped in the red Hyundai sports car when the fire occurred at a remote greenery site near an industrial area in Yiwu, according to witnesses.   Police continued to investigate, but there was not yet any confirmation of when they died or the cause of death.   One body was found in the front passenger seat, its arms outstretched as if struggling to escape, and the other

8th Asia-Pacific Economic Cooperation fair to be held in Zhejiang's Yiwu

Yiwu, Zhejiang province, will host the eighth APEC Small and Mid-sized Enterprises Technology Conference and Fair in June, government officials said.   The Asia-Pacific Economic Cooperation fair will help Yiwu, the world's largest market for small commodities, to better serve buyers, said Hong Jianwen, deputy mayor.   The fair will set up 1,200 exhibition booths covering exhibitors from electronic appliances, high-end manufacturing, e-commerce and smart logistics sectors.   Zhejiang has more than 3.5 million privately owned SMEs as of
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