Yiwu - Economy

Economy

Yiwu is famous in China as a commodities center. The Yiwu market developed and managed by Zhejiang China Commodities City Group Co., Ltd. (Public, SHA:600415). Yiwu's China Small-Commodity Market has for 6 consecutive years topped China's 100 top open markets and was for successive years listed as "China's civilized open market". 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. It especially witnessed a rise in Arab traders who have been visiting the city since 9/11. Apparently, since many entrepreneurs from the Middle East found it more difficult to travel to America due to visa restrictions, they turned their attention to China. The Arab presence has fostered the rise mosques and Middle Eastern restaurants.

The GDP reached 52 billion yuan in 2009, an increase of 9% from 2008, and the per capita GDP reached 71,457 yuan (US$10,461). The per capita urban disposable income reached 30,841 yuan and rural pure income 12,899 yuan, increasing 7.4% and 8.5% respectively.

Its 4C-grade airport has opened over a dozen of air routes to such cities as Beijing, Guangzhou, Shantou, Weifang and Shenzhen. The Zhejiang-Jiangxi Railway and Hangzhou-Jinhua Expressway pass through the city, making Yiwu an important local transportation hub. Express trains from Shanghai South Railway Station take less than three hours.

"Yiwu, 300 kilometers away from Shanghai, is the largest market of petty commodity wholesales in the world where various foreign buyers go to place orders." Such a depiction comes from Chinese Figures Astonishing the World, a special report co-delivered by the United Nations,the World Bank and Morgan Stanley. In that special report, Yiwu is the only enlisted county economy. And in the choice of "the 2004 Most Favorite Chinese Cities of Domestic and Foreign Public in 2004", Yiwu ranked the first among all county-level cities.