Yiwu has been included as part of the Zhejiang Pilot Free Trade Zone, according to a recent announcement made by the State Council.
This is expected to accelerate the high-quality development of Yiwu's trade and commerce industry.
Yiwu's inclusion in the zone will bring about institutional changes that will facilitate both imports and exports of trade companies in the city, said Yang Zhonghong, director of the Yiwu commerce department.
It will also help Yiwu better align with international trade standards, thus promoting trade and investment liberalization in the city. Both Chinese and foreign companies in Yiwu will benefit from improved services.
In recent years, Yiwu has been exploring a digital trade development model in partnership with Alibaba in order to improve customs, logistics, tax, and foreign exchange services with digital technology.
Yang said that residents will also benefit from Yiwu's inclusion in the Zhejiang Pilot Free Trade Zone. "Residents will be able to buy imported products of the same quality and price at duty-free stores," said Yang.
Yang said that Yiwu will learn from other free trade zones already approved by the State Council in an effort to further liberalize trade in Yiwu and take the lead among the sixth group of free trade zones.
Moving forward, the Yiwu commerce department plans to work with trade firms in Yiwu to co-build a pilot free trade zone.