Yiwu, the world’s largest wholesale market for small commodities located in east China’s Zhejiang Province, is redefining international trade through live commerce. Amid a global economic slowdown, the city has continuously reformed its business model, leveraging livestreaming to connect with global buyers and foster economic growth.
In the bustling markets of Yiwu, live streamers proficient in languages such as English, Portuguese, and Spanish broadcast to audiences worldwide. They showcase a diverse array of products, turning the traditional marketplace into a global online platform. This innovative approach has significantly contributed to Yiwu’s impressive import and export volume, which exceeded 560 billion yuan (approximately $78.8 billion) in 2023, according to data from China Customs.
The surge in cross-border e-commerce has been a key driver of this growth. International content creators like Venezuela’s Rafael Saavedra, who has lived in China for eight years, have documented Yiwu’s dynamic trade environment. Through videos and livestreams, they highlight how the city embraces international trade via livestreaming, contributing to its economic vitality.
This transformation aligns with China’s broader goals of deepening reform and advancing modernization. The upcoming third plenary session of the 20th Central Committee of the Communist Party of China, scheduled for July 15 in Beijing, aims to study issues concerning these objectives. The Political Bureau will report its work to the Central Committee, emphasizing the nation’s commitment to innovation and economic development.
Yiwu’s success story exemplifies how local initiatives can contribute to national strategies. By integrating technology and embracing new business models, the city not only boosts its own economy but also plays a role in China’s ongoing journey toward modernization.
Reference(s):
cgtn.com
