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Yiwu's market entities exceed 1.1 million, leading Zhejiang

chinadaily.com.cn| Updated: May 23, 2024 L M S

Yiwu reached a milestone with over 1.1 million registered business entities, including He Jiaqing's Yiwu Jianyu E-commerce Co Ltd, which became the 1.1 millionth entity on May 20.

The city now accounts for 10.36 percent of Zhejiang's and 57.59 percent of Jinhua's market entities. This year, Yiwu added 85,800 new entities, the highest among county-level regions in the province.

Celebrating a decade of commercial reform, Yiwu has streamlined business processes, leading to a fully electronic registration platform that allows for same-day business license acquisition with just an identity card.

E-commerce is thriving in Yiwu, with 65,700 new e-commerce entities this year, making up 76.57 percent of all new registrations. The total number of e-commerce entities in the city is now 652,100.

He, who transitioned from an office job to entrepreneurship, exemplified "Yiwu speed" when he set up his online nail product store in less than a day. He expressed appreciation for the reforms, which have made it much easier to start a business in Yiwu.

With individual businesses comprising over 70 percent of the market entities, Yiwu is a hub for the individual economy. The city has introduced financial initiatives to support these businesses. As of April, the balance of operational loans for individual businesses in Yiwu stood at 138.61 billion yuan ($19.13 billion), reflecting the city's commitment to fostering a supportive environment for entrepreneurs.