Yiwu, a city in east Zhejiang Province in the Chinese mainland, has come a long way from its humble agricultural roots. Today, it hosts one of the world's largest wholesale markets for daily commodities: the Yiwu International Trade Market. With 75,000 shops linked to more than 2.1 million enterprises, this market supports around 32 million jobs globally.
Back in 2011, the State Council approved the Yiwu International Trade Comprehensive Reform Pilot, granting local authorities the autonomy to test new trade and market regulations. This move accelerated Yiwu's evolution from a roadside market into a modern international trade hub, earning it a reputation as a barometer of global small commodity trade.
At the heart of Yiwu's success lies a broader shift in how growth is pursued. No longer content with expansion for its own sake, Chinese policymakers are now emphasizing high-quality development—prioritizing innovation, balanced progress, environmental sustainability, openness and shared gains.
Chinese President Xi Jinping first outlined this philosophy at the Fifth Plenary Session of the 18th CPC Central Committee in 2015. He framed high-quality development as a response to people's growing expectations for a better life, steering economic and social policies toward smarter, greener and more inclusive outcomes.
A decade into this journey, Yiwu stands as a vivid example of how a region can align with this new vision. Its transformation underscores the Chinese mainland's ability to adapt strategies to local realities, driving historic changes in both scale and quality of development.
As global young entrepreneurs, changemakers and travelers look for models of sustainable growth, Yiwu offers a compelling story: one where innovation meets tradition, and where a local market becomes a gateway to the world.
Reference(s):
How China's new development philosophy drives high-quality growth
cgtn.com
