China's Yiwu small commodities market continues recovery
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The Yiwu market in east China's Zhejiang Province, the country's largest distribution center for small commodities, saw trade grow 10.5 percent year on year in January, according to the local industry and commerce bureau.
The market saw a 4.77 billion yuan (699 million U.S. dollars) trade volume in January, including 2.7 billion yuan from China Commodities City, a business complex in the market, alone.
"The situation is much better than the second half of 2008 and the first half of 2009. Not only did some old customers from Europe and the United States return, but they also introduced new customers," said Huang Jianbin, a dealer of interior decorating products.
The market reported a trade volume of 41.2 billion yuan in 2009, indicating an annual growth of 7.8 percent, a spokesman with local industry and commerce bureau said.
By the end of 2009, the market had registered 137,000 stalls, almost 9,000 more than the previous year, the spokesman said.
Meanwhile, 2,614 foreign businesses had opened offices in Yiwu, representing a yearly increase of 22.7 percent, he said.
The export-oriented market was hit hard by the global economic downturn in the second half of 2008, with a big slump in trade figures, he said.
"To help the businesses through the difficulties, the government unveiled a string of polices, such as favorable loans," he said.
The market began to show recovery signs in March 2009, when more than 27,000 foreign business people visited Yiwu, growing by 138 percent compared with February, he said.
"In November alone, more than 40,000 foreign business people visited the market, rising by 20 percent year on year," he said.
