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Wenzhou, a traditional business city in Zhejiang province

ALMS|Updated: August 19, 2021

As one of the birthplaces of China's private economy, Wenzhou is an important trade city, a regional center and a national comprehensive transport hub in the southeast coast of China. [Video provided to]

During the Southern Song Dynasty (1127-1279), Wenzhou in East China's Zhejiang province opened up to foreign countries as a trade port.

As one of the birthplaces of China's market economy, Wenzhou has been developing its economy to be "private-run, private-owned, private-funded, to enrich people, to be shared by people".

Statistics show that private enterprises account for more than 95 percent of the city's total enterprises. Industrial output, foreign trade exports, and the number of new jobs those private enterprises create also account for more than 95 percent the city's total, showing the success of the "Wenzhou Model".

Wenzhou is home to 46 national production bases, including the Capital of Electric Appliances in China and the Capital of Shoes in China. It has earned titles such as National Quality Model City and National Intellectual Property Model City, and was among the first national model cities for social credit system construction.

Currently, 1.75 million people in Wenzhou are doing business in various places in China, thriving with their sharp minds and business acumen. There are about 700,000 overseas Chinese of Wenzhou descent around the world, forming a comprehensive business network that covers the whole country and connects the world.

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