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New Chapter for Yiwu
Post Time: 05/03/2019

On the morning of February 27, 2019, the Administrative Committee of Yiwu International Trade Reform Experimental Zone was officially founded. This opens a new chapter for Yiwu.

On January 4, 2019, the Zhejiang provincial government issued the “Yiwu International Trade Comprehensive Reform Experimental Zone Framework” (hereinafter, the Framework). This document signifies that after over seven years of being a pilot zone, Yiwu international trade comprehensive reform has stepped into a new stage. The Experimental Zone covers an area of nearly 1300 km2, including Yiwu City, Jinyi Urban District, and multiple industrial parks in Lanxi, Dongyang, etc.

The Framework clarifies the overall requirements, objectives, innovative measures, and safeguards of the Experimental Zone. In addition, it lays out a direction for the economic and social development of Yiwu.

For requirements, the Framework proposes that the Experimental Zone must benchmark international free trade ports, promote a higher level of reform and innovation in international trade, and accelerate the development of Jinyi Urban District, contributing to the growth of the world’s “small commodities center.”

For objectives, the Framework set two phases. By 2020, the targets of Yiwu Pilot Comprehensive Reform of International Trade shall be fully completed. The foreign trade import and export volumes shall reach 300 billion RMB, and online and offline transactions 500 bn RMB; the China Railway Express shall run over 1000 times, the number of intermodal containers though the Yiwu-Ningbo-Zhoushan Corridor should exceed 1.5 million RMB, and the total exports of products with intellectual property rights, independent brands, and high added value shall double that of 2018. By 2035, a modern and comprehensive trade system and international trade mechanism will have been established, as will transparent market regulations. A high-standard world’s small commodities center must be realized.

The Framework also identifies 15 programs for national-level support and 37 for provincial support, the topics of which include international trade facilitation reform, administrative service and management system reform, financial service system innovation, open platform function enhancement, and land policy innovation. To ensure all the tasks are implemented, the Framework also clarifies the responsible departments for each item. (By Jia Yongliang – Jinhua Daily, translated by Lin Yuqin, edited by Kendra Fiddler)

 

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