Yiwu, China

Yiwu, China

Yiwu ( Chinese :义乌市; pinyin, Yìwū shì ) is a subprefecture under the direct administration of Jinhua City -Prefecture. It is located in Zhejiang Province, eastern People ‘s Republic of China. Its area is 1104 km2 and its total population for 2010 was more than 1.2 million inhabitants.

There has been talk of merging the Yiwu and Jinhua areas into a single municipal zone or economic entity, but this is still in the pipeline.

Administration

Yiwu is divided into 7 subdistricts and 6 towns, covering 1,102.8 km², 15 km² of urban area where 700,000 people live.

  • Subdistrito Chóuchéng (Choucheng Street)
  • Subdistrito Běiyuàn (Beiyuan Street)
  • Subdistrito Chóujiāng (Choujiang Street)
  • Subdistrito Jiāngdōng (江东街)
  • Subdistrito Hòuzhái (houzhái Street)
  • Subdistrito Chéngxi (Chengxi Street)
  • Subdistrito Niàn sānlǐ (二三里街)
  • Poblado Shàngxī (Shangxi Town)
  • Poblado Yìtíng (Yiting Town)
  • Poblado Fótáng (Fotang Town)
  • Poblado Chì’àn (Chi’an Town)
  • Poblado Sūxī (Suxi Town)
  • Dàchén Village (大陈镇)

History

The city has a long history dating back to the Neolithic. Yiwu was founded in the Qin dynasty, around 222 BC. Yiwu first became a county in 222 BC. C., and was renamed Yiwu County in the year 624. In May 1988, the former Yiwu County was promoted to a city. 1​ In 1995, Yiwu ranked 47th out of the 100 most powerful counties and cities and in the same year it appeared as the only city in the entire province. In 2001, Yiwu’s economy ranked 19th among all counties in China.

Climate

The average temperature of the city is 17 °C, the average annual precipitation is 1,430 mm.

Economy

According to Paulsourcing, Yiwu is famous throughout China as a commodity hub and has maintained this rank for more than 6 years, and even surpassed the country’s top 100 open markets. It has been named as the flagship of China’s market economy with a wide variety of high-quality and low-price products, which has attracted international tourism.

The GDP reached 52 million yuan in 2009, an increase of 9% over 2008, and the GDP per capita reached 71,457 yuan ($10,461). Urban per capita disposable income reached 30,841 yuan and rural income reached 12,899 yuan, increasing by 8% respectively.

Yiwu is the largest wholesale market in the world, open every day of the year with more than 80,000 stores covering 17 industrial sectors. At this permanent fair you can go, buy directly and ship in a “one stop service” system.

In 2008, Eamonn Fingleton wrote: “Yiwu operates as a kind of ‘Wall Street’ providing a vast market.”

Yiwu International Market

The Yiwu International Market stands as a colossal testament to the dynamism of global trade and commerce. Situated in the city of Yiwu, nestled in the Zhejiang province of China, this marketplace has earned the distinction of being the “world’s largest small commodities wholesale market.” A bustling and vibrant hub, the market has become synonymous with diversity, offering a staggering array of products that span across numerous categories.

Sprawling across multiple districts, each with its own specialty, the Yiwu International Market is a testament to the immense economic activity that occurs within its confines. The market is a labyrinthine expanse where buyers and sellers from around the globe converge to engage in trade and commerce. Its significance lies not just in its size but in the sheer variety of goods it houses, ranging from textiles, jewelry, and toys to crafts and electronics.

One of the standout features of the Yiwu International Market is its role as a wholesale center. Businesses, both large and small, flock to Yiwu to source products at competitive prices. The market’s wholesale model facilitates bulk transactions, enabling traders to acquire goods in quantities that suit their business needs. This has contributed to Yiwu’s reputation as a pivotal node in the global supply chain.

The market is organized into distinct districts, each catering to specific product categories. For instance, there are sections dedicated to textiles where bolts of fabric and garments change hands, while others focus on intricate jewelry or the latest electronic gadgets. This segmentation not only streamlines the shopping experience for buyers but also emphasizes the market’s capacity to accommodate a vast array of industries.

Yiwu’s rise to prominence can be attributed to its strategic location, which facilitates seamless connectivity. The city boasts an extensive transportation network, making it accessible to both domestic and international traders. This accessibility has played a crucial role in attracting a diverse clientele and transforming Yiwu into a melting pot of cultures and business practices.

The market’s global appeal is further accentuated by its role as a platform for international trade. Yiwu has become a rendezvous point for businesses looking to expand their reach beyond borders. The exchange of ideas, cultures, and products at this marketplace is a testament to the interconnectedness of the modern global economy.

Moreover, the Yiwu International Market has embraced technology to enhance its efficiency. Online platforms and digital tools have been integrated into the traditional brick-and-mortar setup, facilitating smoother transactions and providing traders with real-time information on market trends.

Transport

The city is connected to all of China by road and train, and the airport has opened more than a dozen air routes to cities such as Beijing, Guangzhou, Shantou, Weifang and Shenzhen, making Yiwu an important local transportation hub. Express trains from Shanghai take less than three hours.

The city is the terminal station of the longest railway line in the world, 13,000 kilometers long, which connects it with Madrid and was created with the aim of being an alternative to boat transport. This line crosses China itself as well as Kazakhstan, Russia, Belarus, Poland, Germany, France and Spain.

Coordinates 29°18′29″N 120°04′11″E
Entity Subprefecture
• Country China
• Province Zhejiang
• C. Prefecture Jinhua
Subdivisions 13 pueblos
Historical events
• Foundation 222 BC
Surface
• Total 1104,53 km²
Population (2010)
• Total 1 234 015 residents
• Density 1117.23 residents /km²
Time zone UTC+08:00
Postal Code 322000

Yiwu, China