Yiwu was added to the Zhejiang Pilot Free Trade Zone (FTZ) in September of 2020.Since the establishment of the Yiwu Pilot FTZ, Yiwu has developed 135 specific reform items and 77 major projects, with a total investment of over 200 billion RMB. The number of new companies in the Yiwu Pilot FTZ now exceeds 12,000.

At the end of November of 2020, Yiwu was successfully listed among the 20 pilot areas for secondhand car exports, and four companies, including Zhejiang GM Supply Chain Service Co., Ltd., became the first batch of pilot companies in Yiwu. On February 9, the China Railway Express (CRE) train transported Yiwu’s first exported secondhand car to Bishkek, the capital of Kyrgyzstan, marking the opening of Yiwu’s used car market to the world.

Taking advantage of the construction of the pilot FTZ, in addition to expanding its export business, Yiwu has also developed its import and intermediary trade business. In November of 2020, the Ministry of Commerce announced 10 demonstration zones for the promotion and innovation of import trade in China, among which Yiwu was listed. Yiwu became the only national demonstration zone on import promotion in Zhejiang.

Since last year, Yiwu has actively innovated the trade supervision system, initiated the digital management of documents for export tax rebate filing, and promoted the implementation of the departure tax rebate scheme. These innovative measures enhance the advantages of Yiwu as a world-class exhibition and trade platform.

According to statistics, Yiwu’s export volume reached 300.62 bn RMB in 2020, and the import volume was 12.32 bn RMB, a year-over-year increase of 4.8% and 23.4%, respectively, showing Yiwu’s status as a global trade center.

Logistics has always been one of the core competitive advantages of Yiwu. As early as 2018, Yiwu has become a national logistics hub. In 2019, Yiwu began to build itself into a trade service-oriented national logistics hub. On March 3, 2021, Yiwu opened an air cargo channel to Southeast Asia by opening a route from Yiwu to Manila, Philippines.

Beginning in 2021, Yiwu has launched projects such as Suxi International Hub Port and Container Management Center, and advanced large-scale projects such as the CRE trains and the Yiwu-Ningbo-Zhoushan Corridor. These measures facilitate the construction of the Yiwu Pilot Free Trade Zone, and help Yiwu to build a global logistics center.

Yiwu has always been at the forefront of reform by launching major platforms such as the Yiwu Pilot FTZ, the reform pilot zone for international trade, and the cross-border e-commerce comprehensive pilot zone. According to Wu Zhiqiang, deputy director of the Financial Office of the Yiwu Municipal Government, Yiwu will continue to improve its ability to provide services to the financial market, give full play to the cooperation of local government and financial institutions, and innovate financial services.

Yiwu has promoted digital reform and comprehensive reform, taken the lead in building a new system of international trade rules, and been committed to building an open digital pilot FTZ. (By Fang Jing, translated by Jin Haiqiong, edited by Kendra Fiddler)