Yiwu: A city built on markets

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Over the past 30 years, Yiwu has seen the emergence of a large number of very successful private entrepreneurs. The city has also attracted traders from all over the world. Nearly 2,000 foreign companies have representative offices in Yiwu. And nearly 10 thousand businessmen from more than 100 countries and regions are based in the city conducting trading activities.

Michael Rechsteiner from Switzerland runs a design and production company for promotional gifts. His Yiwu story started five years ago when he first visited the city as a tourist.

Michael Rechsteiner, managing Dir., Rechsteiner Design GMBH, said, "It's amazing to see so many things we can do here and people are so hard-working. I went back with this impression and starting thinking about doing business with China. One year later I set up my office in Yiwu. Over the last four years, we have increased quite a lot."

Rechsteiner's company started with a quarter of a million US dollars in turnover to a projected 2.2 million this year. That's an annual average growth of 100 percent. The speed of expansion, Rechsteiner says, is unthinkable to achieve in any other part of the world.

Michael Rechsteiner said, "Yiwu has a very convenient size with its 700,000 citizens. And secondly it is the biggest market of suppliers in whole of China. And that's the main thing for us. To make assembling, to try your ideas out, this is the best place to stay in China."

The current global economic downturn has inevitably affected Yiwu's exports over the past couple of months. But both He Haimei and Rechsteiner are confident about the prospects of their businesses and that of China's economy as a whole.

Many domestic and foreign entrepreneurs in Yiwu believe the city will maintain its position as the world's most attractive supply base of consumer goods for many years to come.

Editor:Zhang Ning