Yiwu builds a global small commodities market based on local conditions

Yiwu, Zhejiang, has developed into the “World Capital of Small Commodities” thanks to its smallcommodity trade. The core of its experience lies in continuously adjusting institutions and industrial directions according to local conditions, thereby improving market efficiency and the level of openness. The article reviews a series of innovative measures in Yiwu, from expanded power reforms and improved port functions to the introduction of the market procurement trade model. These reforms have increased the efficiency of commercial circulation, helped the local area maintain resilience amid fluctuations in foreign trade, and promoted the continued expansion of international channels such as ChinaEurope freight trains. The report also noted that Yiwu’s experience has been studied and promoted in many places across Zhejiang and nationwide. In recent years, Yiwu has continued to advance pilot reforms related to international trade, exploring paths toward a higher level of openness and countylevel economic development.