Yiwu’s Digital Economy in 2021
发布日期:2022-07-06 浏览次数:

Zhejiang Aiko Solar Energy Technology Co., Ltd.

A production workshop of Trina Solar Co., Ltd.

In 2021, in terms of the comprehensive evaluation of the digital economy, Yiwu ranked first in Jinhua and 16th in Zhejiang. Yiwu’s digital economic output value reached 45 bn RMB, with a growth rate of 66.7%, ranking first in Jinhua and maintaining a leading position in the province. The added value of Yiwu’s strategic emerging industries was 16.4 bn RMB, with a growth rate of 107.2%, ranking among the top in the province.  (Diagrammed by Guo Jianzheng)

In recent years, Yiwu has fully implemented the deployments of the Zhejiang Provincial Party Committee and the People’s Government of Zhejiang on digital reform, and seized the development opportunities brought by the scientific and technological revolution. Focusing on the expansion of the digital industry and the digital transformation of traditional industries, Yiwu has comprehensively promoted the construction of new infrastructures such as 5G and the Internet of Things. Moreover, Yiwu has actively expanded the application scenarios of the digital economy and continued to promote the deep integration of the Internet, big data, artificial intelligence, and blockchain with the real economy. Yiwu has witnessed its digital economy bloom.

The General Office of the People’s Government of Zhejiang issued a circular to supervise and award cities that have done foundational work and seen outstanding results in the implementation of relevant major policies and measures in 2021. Yiwu was shortlisted in the list of “counties, cities, and districts that have achieved remarkable results in implementing major digital economy projects, promoting the construction of the digital economy system, and vigorously developing the digital economy.” Yiwu, therefore, will receive additional provincial financial funds for industrialization and informatization development. A total of five counties, cities, and districts in Zhejiang were shortlisted.

In 2021, in terms of the comprehensive evaluation of the digital economy, Yiwu ranked first in Jinhua and 16th in Zhejiang. The output value of Yiwu’s digital economy reached 45 billion RMB, with a growth rate of 66.7%, ranking first in Jinhua and maintaining a leading position in Zhejiang. The added value of Yiwu’s strategic emerging industries was 16.4 bn RMB, with a growth rate of 107.2%, ranking among the top in the province.

Developing Emerging Industries

The digital economy has become the main force for the development of Yiwu’s strategic emerging industries.

In recent years, following the development strategy of “building large platforms, developing strong industries, cultivating promising companies, and promoting high-level innovation,” Yiwu has made large investments, carried out high-standard operations, and actively seized development opportunities. Relying on its semiconductor lighting and photovoltaic industries, Yiwu has created the largest information and optoelectronic industrial cluster in Zhejiang. The cluster has become an important emerging force to promote the development of China’s photovoltaic industry, and provided strong momentum for Yiwu’s high-quality economic development.

Moreover, Yiwu has continuously extended the supply chain of the photovoltaic industry and simultaneously promoted industrial innovation and R&D. By successively introducing various supporting projects, Yiwu has created a complete ecosystem of the photovoltaic industry and further optimized the industrial structure.

The chip industry is one of the foundational industries of the digital economy, and the localization of the industry is a future trend. Yiwu has actively attracted chip companies to develop in Yiwu. By introducing equity investment institutions to set up guiding funds, Yiwu has developed an industrial fund exceeding 24 bn RMB, thus attracting many integrated circuit companies, including companies working on semiconductor packaging and testing equipment.

Accelerating the Upgrading of Traditional Industries

Taking advantage of the digital reform, Yiwu has accelerated the upgrading of traditional industries. The digital transformation of industries is significant to the digital economy. In recent years, an increasing number of traditional industries in Yiwu have begun to develop their digital economy.

Yiwu has focused on the smart transformation and upgrading of ten traditional industries, including the jewelry and clothing industries, and developed online consultation for industrial companies. Cooperating with the Zhejiang Provincial Smart Manufacturing Expert Committee, Yiwu has set up an expert consultation group to provide guidance for companies regarding digital reform. In 2021, Yiwu developed 23 key projects of smart factories and digital workshops, and made plans to build a digital industrial system for the knitting industry. SAP, one of the world’s top 500 companies, has built an innovation center in Yiwu. Yiwu has also launched industrial online platforms such as “Smart Textile” and “Knitting Cloud,” which have facilitated Yiwu companies’ digital transformation and upgrading.

Yiwu’s index on the integration of informatization and industrialization has ranked among the top in Zhejiang for five consecutive years. In 2021, Yiwu’s industrial cluster for the knitting industry was selected into the list of the first group of industrial clusters for smart manufacturing in Zhejiang, and 15 companies and institutions were selected as provincial-level digital economy demonstration programs.

Promoting Digital Trade to Improve Ease and Convenience of Transactions

According to the spokesman of the Yiwu Market Development Commission, the application of digital media is an important practice for the Yiwu Comprehensive Bonded Zone to promote the high-quality development of e-commerce livestreaming for the sales of goods from bonded warehouses. It is hoped that the livestreaming of cross-border companies in the comprehensive bonded zone will facilitate the development of industries and create new intellectual property that combines cross-border companies with Yiwu’s bonded warehouses, so as to expand the sales and distribution channels of companies.

Yiwu has taken a leading position in digital trade in China. In recent years, Yiwu has actively developed the sixth-generation market, built new digital trade platforms, and accelerated the construction of a pilot digital free trade zone. Meanwhile, Yiwu has promoted the rapid development of e-commerce livestreaming. To date, two giant social networking platforms, Kuaishou and Douyin, have established their industrial bases in Yiwu. Yiwu has built a global livestreaming center for bonded goods and continued to promote the new export mode of “market procurement trade + cross-border e-commerce.”

Yiwu has ranked first among the “top 100 e-commerce counties in China” for seven consecutive years. Yiwu has maintained high growth despite its large trade volume. In 2021, the volume of Yiwu’s e-commerce was 371.5 bn RMB, an increase of 18.9% year on year. Moreover, the main statistical data of Yiwu’s e-commerce ranked first in China. In the first quarter of 2022, Yiwu launched 105,000 online livestreaming selling activities, achieving a total retail sales volume of 8.714 bn RMB, a year-on-year increase of 26.0%.

Applying Data Governance for Company Efficiency

Yiwu has officially launched an online system to supervise the energy consumption of companies.  The system helps to solve the problems of industrial companies’ inaccurate data and unscientific control of energy consumption, as well as inadequate carbon reduction. The system can achieve accurate dual control of energy consumption and energy intensity, so as to help companies improve development quality and reduce consumption.

In order to accelerate the construction of the digital economy, Yiwu has set up a special working group to establish a digital economy system, issue the construction plans, and promote the digital reform and upgrading of market procurement trade. All these efforts help to solve the difficulties of data governance, and continuously develop the digital economy system.

Infrastructure Foundation and Policy Support

With a solid foundation of infrastructure, Yiwu has full confidence in developing the digital economy. To date, Yiwu has built 3692 5G base stations, the number of which ranks first among cities and counties in Zhejiang. The international dedicated Internet access is available in Yiwu, which is the second dedicated Internet channel opened in county-level cities in China. On December 15, 2021, Yiwu launched the first on-demand response system of “blockchain + 5G” in China. Yiwu’s comprehensive informatization development index is 104.81, ranking first among cities and counties in Zhejiang.

Yiwu has continuously increased policy support. In 2021, the municipal government allocated more than 400m RMB for the digital transformation and the cultivation of core industries of the digital economy, hitting a record high over the years. In addition, Yiwu has strived to create an optimal business environment.

With the implementation of various measures, Yiwu has entered a new chapter in the digital economy. Digitalization, networking, and intellectualization add new impetus to Yiwu’s economic and social development. (By Ding Fenggang and Wang Ting, translated by Jin Haiqiong, edited by Kendra Fiddler)

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