Yiwu (义乌 in Chinese) is a city in Zhejiang province, China, with the population around 2 million people. Yiwu city is famous worldwide because of the well developed small commodities international trade.
Formally, it is some small town, under the administration of Jinhua city area in Zhejiang province, which central city is Hangzhou. However, Yiwu is probably well-known more than Jinhua and Hangzhou both in China and worldwide.
Yiwu city today
International Trade City – Futian Market – is the only reason for growing Yiwu city. All city is related to the Yiwu Market; it attracts many buyers from all around the world, more than 50 000 customers visit Yiwu Market every day. Today Yiwu Market – enormous complex of buildings, more than 3 000 000 sq.m., around 105 000 showrooms of the factories and trading companies from different regions of China.
Yiwu Market is the most successful wholesale market in China. This project was created with the target of giving opportunities to a big number of suppliers in China to show their goods and abilities, demonstrate their samples “live” to buyers from different countries.
A lot of cities and regions in China were trying to do the same projects, but only Yiwu made those ideas real. Today, Yiwu Market is one of the best places in China for buyers who want to find suppliers, do business with export from China. The main competitor of Yiwu is Guangzhou and its Canton Fair. However, Yiwu – never stopping Canton Fair, prices lower, the minimum order also.
One of the reasons of Yiwu success – smart economic and administrative policy in the region. In Yiwu, there are special terms for local and foreign companies.
Second reason – Yiwu Market themselves. Perfectly organized space, convenient place, huge sizes – more than 105 000 showrooms and 3 000 000 sq.m.
Infrastructure is also well prepared – more than 100 hotels, many office buildings, warehouses, transport system – there are no difficulties in reach Yiwu and stay here for a week or even a few years.
Foreigners can live and do business in Yiwu with more freedom, comparing to other regions in China. You can open your office, or branch of your company – using easy procedures. This kind of economic freedom brings a result – now there is many buying offices, export businesses in Yiwu. This factor is only increasing the number of deals in Yiwu.
Today, Yiwu city is continuing to grow – new districts of the Yiwu Market, business, and financial area, warehouses, factories, offices of the suppliers and buyers.
Delegations from other Chinese regions officials – frequent guests in Yiwu this time. They are trying to learn from Yiwu about how to make the economy grow. A lot of conferences, regional and state level meetings here.
Many foreigners live in Yiwu constantly, mostly from India and the Middle East – they are biggest buyers here. Essentially, these foreigners working as an export agent, trading companies, buyers offices of the foreign companies.
Today, while the population of the foreigners is growing, many of them not only doing export and trading business. Many people started the business in service area – you can find many European, Muslim, Arabian restaurants, cafes, hotels, barbershops and so on. As well as Christian and Muslim temples.
Yiwu is continuing to grow – new roads, bridges, private apartments blocks, shopping malls. However, the growth of the population – under the question now.
A big part of the Yiwu population – “working migrants” from other cities, the native population is only about 600 – 700 000 people. In 2015 trading activity in China (and Yiwu) fallen down. Also, now, nobody can know exactly, will Yiwu grow as fast as before, or not. All depends on world trading activity.
There are more than 100 hotels in Yiwu; you can find a very cheap hotel and at the same time – Yiwu Marriott Hotel with premium services. Most of the hotels are located near the Yiwu Market.
Yiwu Airport can accept flights only from mainland China and Hong Kong; it is not an international. You can take the flight to Yiwu from Beijing, Guangzhou and other cities.
There is a high-speed train station in Yiwu, part of the Chinese high-speed train network. You can quickly come to Yiwu from Shanghai, Beijing, Hangzhou and other cities, using the high-speed train. The train station in Yiwu is expanding now, because of increasing number of passengers.
Yiwu Port – another unique place. A Huge complex of buildings, the biggest inland port in China and the whole world. Warehouses, commercial offices, government structures offices, customs – all in one place.
In the Yiwu Port, you load the container and pass all the customs procedures in China. So container is ready for the further shipping – by sea or by train. That is very convenient.
Yiwu is the start point of the “new silk road.” From Yiwu, you can send container by train to Russia, Europe, and the Middle East. Not using sea freight. So time of shipping is shorter.
In the future, that shall be a real alternative to sea freight. Cheaper and faster – good choice. Let’s see what Yiwu will bring to us in the future!