Yiwu, a county-level city in Jinhua, Zhejiang province, recorded a total transaction volume of 343.45 billion yuan ($48.15 billion) in electronic commerce from January to July, marking an increase of 12.83 percent year-on-year, according to the Yiwu market development committee on Aug 28.
Domestic trade accounted for 239.78 billion yuan, up 10.15 percent, while cross-border transactions surged by 19.55 percent to 103.66 billion yuan.
Yiwu has strengthened the integration of livestreaming, platforms, and cross-border e-commerce, forged partnerships with local e-commerce platforms in Russia, Africa, and the Middle East, and connected local businesses with domestic giants like JD.com and Taobao. It has also launched a training initiative to host at least 40 sessions every month to develop industry talent.
The boom is accelerating the digital transformation among traditional enterprises. Zhejiang Limei Cosmetics Co, established three decades ago in Yiwu, has expanded its presence across Douyin, Xiaohongshu, and Kuaishou amid the e-commerce wave, successfully opening new markets.
As China's hub for cosmetics manufacturing and home to one-third of Zhejiang's cosmetic companies, Yiwu exported 3 billion yuan worth of cosmetics and personal care products in the first half of this year, up 14.5 percent.
Yiwu is preparing for the China (Zhejiang) Cross-border E-commerce Import and Export Fair from Nov 25 to 27, marking Zhejiang's first such event.
Scheduled to cover 50,000 square meters with 2,000 booths, it aims to establish a cooperation and exchange platform for cross-border e-commerce, integrating brand displays, product collections, and convenient fulfillment.
