'World's supermarket' reopens after holiday, embracing innovation in Year of Snake
HANGZHOU -- Yiwu International Trade Market, the world's largest wholesale market for small commodities located in the city of Yiwu in East China's Zhejiang province, reopened on Sunday after the Spring Festival holiday, marking a vibrant start to the Year of the Snake.
The reopening ceremony featured traditional lion dances and drum performances, creating a vibrant and festive atmosphere.
Merchants like toy shop owner Chen Meijun voiced optimism for a prosperous year ahead.
"We received inquiries from regular customers during the holiday, and we expect sales to grow by over 10 percent this year," Chen said, noting that she plans to expand her business internationally, with trips to Mexico and Kenya scheduled this year.
Dubbed "world's supermarket," Yiwu is an international hub for small commodity production and trade, attracting customers from around the world.
Nepalese buyer Raj Kumar Khadka was among the first clients to arrive, planning to order ceramics, glassware and other goods worth around 1 million yuan ($139,500).
A frequent visitor who first came to the city for business 23 years ago, Khadka said Yiwu plays a crucial role in the international commodity trade.
"Yiwu taught me how to do business," he said. "Because of this city, I was able to meet people from all over the world and learn about their languages and cultures."
The trade market's 75,000 shops are connected to over 2.1 million enterprises, supporting approximately 32 million jobs. Its strong purchasing demand and diverse product offerings highlight the resilience and growth potential of China's economy.
Many businesses are capitalizing on emerging trends, such as 3D-printed toys, which have gained popularity for their vibrant colors and intricate designs.
"We have invested heavily in R&D and plan to expand our footprints in developed markets while tapping into domestic demand," said Zeng Hao, manager of a toy company producing and selling 3D-printed toys.
In late 2024, China's State Council approved an overall plan for deepening comprehensive international trade reforms in Yiwu, which outlines a vision to promote reforms through further opening up, along with initiatives such as innovating market procurement trade mechanisms, promoting import trade development, enhancing the functionality of comprehensive bonded zones, and strengthening cross-border e-commerce regulations.
Innovation has become a driving force behind Yiwu's enduring success. Since 2023, the Chinagoods AI platform, launched by Zhejiang China Commodities City Group Co Ltd, has gained attention for enabling Yiwu's business owners to effortlessly create multilingual versions of product videos, supporting over 30 languages.
Today, more businesses are using new technologies to expand their reach and attract customers.
At a digital shop in the market, manager Bao Haigang demonstrated a headset that accurately translates over 100 languages via a smartphone app. He said this AI-powered headset launched in 2024 has seen strong sales in markets like Brazil.
"We will continue integrating AI into traditional products and expect over 30 percent sales growth this year. We are very confident," Bao said.
