Reforms to strengthen Yiwu’s cross-border trade and expand global reach unveiled

The National Development and Reform Commission (NDRC), China's top economic planner, on Tuesday released a document aimed at deepening reforms in Yiwu, one of the country's key production and trade hubs, in East China's Zhejiang Province. The plan focuses on Yiwu's unique position in cross-border trade, supporting the city's approach to facilitating businesses' expansion overseas and the creation of an independent and controllable international marketing network.

The document calls for the establishment of a secure and controllable overseas service network, encouraging businesses to develop independent websites, online service platforms, and other new commercial infrastructure to integrate global operations.

Building an independent and controllable marketing and service network is to make it easier for businesses to expand internationally, upgrade overseas marketing networks and warehouses, and maintain control over their own channels, minimizing uncertainties, He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Tuesday.

Yiwu's exports and trade have continuously evolved, shifting from low-end products to higher-end offerings. However, as it expands globally, the city faces challenges posed by new technologies and changes in the international market. Yiwu must deepen its understanding of international market rules and stay adaptable to ongoing shifts, He added.

Yiwu plays a crucial role as an international trade gateway, according to the document from the NDRC. A total of 18 reform measures are listed in the document across five key areas to enhance market procurement, integrate domestic and foreign trade, improve logistics, refine market mechanisms, and optimize the business environment.

The new round of reform aims to accelerate progress in both "buying global" and "selling global," ultimately achieving a comprehensive global trade model, Li Jun, a senior NDRC official, told a press conference on Tuesday. The reforms will provide better support for small and medium-sized enterprises to engage in international market competition, Li said.

The document also clarifies Yiwu's future development directions, particularly in the field of cross-border e-commerce, Zhang Yi, CEO of iiMedia Research Institute, told the Global Times on Tuesday. He added that the plan outlines clear strategies for reform and expansion, offering a roadmap for Yiwu's role in the global trade landscape.

By implementing this reform package, Yiwu will strengthen its position as a global hub for small commodity trade, ensuring stable product supply and expanding its sourcing and sales networks. This includes improving the logistics infrastructure, such as the China-Europe freight train services, as well as expanding air and maritime routes, Zhang noted.

Yiwu's role extends beyond being a physical trade and transport hub, serving also as a critical node for the flow of goods in and out of China, said Zhang, noting that Yiwu's trade network is not limited to Chinese manufacturers, making it vital to integrate domestic and foreign trade standards and establish strong market channel connections.

The document also mentions supporting factors, such as enhancing capital, land, talent, and data availability to support trade transformation, industrial upgrading, and urban development. It also highlights measures to foster a world-class business environment, facilitate foreign investment, and improve compliance protections for small businesses.

Yiwu has already seen significant growth in foreign trade. According to data from Yiwu Customs, the city's total trade value reached 613.99 billion yuan in the first 11 months of 2024, up 17.6 percent year-on-year, surpassing last year's total and setting a new record. Exports during this period surged by 17.4 percent to 542.06 billion yuan, while imports rose by 19 percent to 71.93 billion yuan.