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China Yiwu Stellar GDP growth fuelled by industrial restructuring

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China Yiwu Stellar GDP growth fuelled by industrial restructuring

Issue Time:2022/02/18

Yiwu, a county-level city in East China's Zhejiang province, posted a GDP of 173 billion yuan ($27.3 billion) in 2021. It was ranked 11th among all counties, county-level cities, and urban districts in the province in this regard.

Twenty-five Zhejiang counties, county-level cities, and urban districts had a GDP that exceeded 100 billion yuan in 2021.

Yiwu's GDP growth rate of 11.6 percent was the highest among the counties and county-level cities, a reflection of the commerce hub's remarkable achievement in industrial restructuring over the past year.

Yiwu has long been known as the "world's supermarket" as it is home to the world's largest wholesale market for small commodities such as toys, socks, hair accessories, and plastic containers. Around 80 percent of Christmas decorations worldwide come from Yiwu.

The city's manufacturing sectors, especially high-tech manufacturing, pale in comparison with its commerce and service sectors. However, substantial changes took place in 2021. The value-added of the city's primary industry and tertiary industry grew 7.2 percent and 7.8 percent to 2.458 billion yuan and 115.141 billion yuan respectively last year, while the value-added in the city's secondary industry surged 21.4 percent to 55.417 billion yuan.

The city's above-designated-sized industrial companies delivered a total output of 116.37 billion yuan in 2021, soaring by 66.7 percent from the year before.

Over the past five years, Yiwu has seen the construction of two 100-billion-yuan industrial clusters for photoelectricity and automobiles.

In March 2020, JA Solar, a world-leading manufacturer of high-performance photovoltaic products, signed a 10.2-billion-yuan ($15.8 billion) investment agreement with the Yiwu government to build a factory in the city to meet the growing demands of the photovoltaic industry.

Global Supply Chain Manager, Top Export Agent in China, The World’s Leading Consumer Goods Sourcing Company for Super Market Chain Stores, One Dollar/ Euro Stores, Major Retailers and Brands, Promotional Gifts Importers.CHINA WHOLESALE MARKETS, FBA SUPPLIERS IN CHINA, CHINA EXPORT AGENT, YIWU MARKET RESEARCH, YIWU SOURCING AGENT.