Yiwu—a small beauty
In spite of the threat of global economic slowdown, Yiwu, China’s largest distribution center for small commodities is still booming.
He Meihua, city Major, said on 20th October, “Though Yiwu’s growth rate from January to September is a little lower year-on-year, it is still astonishing.”
Because of the government’s support polices and local enterprises’ efforts to enlarge their export destinations, Yiwu’s exports in the first three quarters increased by 28 percent to 404,400 containers year-on-year.
“Though the export growth has been slower a little, Yiwu has not lost its charm. Part of the enterprises and individual businessmen do confront the difficulties.” He added.
He said, “The local government, confident of facing any challenge, will pay attention to such enterprises and give a hand them if necessary.”
In the second half of the year, due to the global financial crisis, China’s coastal area’s foreign trade volume and some of the industrial units’ value-added output and profit growth dropped slightly.
The local government declared a series of policies and provided 200 million Yuan to help local companies improve their innovation, adjust their products portfolio and enhance their added value, in order to relieve the influence of the global economic slowdown.
In the first nine months of the year, about 1,400 applications for patents were filed in Yiwu, 900 of which were approved. This shows the solid base of the city and the greater role technology-oriented enterprises are playing in its industrial growth.
Since the demand from the US and Europe became smaller, exporters in Yiwu have been trying to expand their destinations. The sluggish market in Europe has more than counteracted by the growth in Middle East, Africa and Latin America. And the demand from emerging markets like India, Russia and Brazil has almost doubled.
The five-day 2008 China Yiwu International Commodity Fair, which opened on 21st October, is another indication of Yiwu’s strength. The fair has appealed over 2,800 firms, about 300 more than 2007.
The city has long been known for setting up one of the largest consumer commodity markets in China, which has grown from 2.6 million sq m two years ago to 4 million sq m today.
An international hall, with 45 booths has been unveiled in 2008, attracting 27 exhibitors from 22 countries, including the US, the UK, Japan, Italy and Brazil.
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