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Yiwu's digital tools boost its market

chinadaily.com.cn| Updated :2024-01-11

Yiwu, famous for producing and selling a variety of low-cost items, has transformed its image from a mere hub for inexpensive goods to being on the cutting edge of digital technology and e-commerce.

The city's flagship wholesale market, Yiwu International Trade City, draws buyers from all over the world seeking to place bulk orders across millions of products, spanning toys, accessories, holiday decorations, and belts.

To help the trade city's products flourish in a larger international market, Yiwu has embraced digital technologies such as online live streaming, e-commerce platforms, cross-border payment systems, and AI applications.

In February 2023, Zhejiang China Commodities City Group launched its payment platform, Yiwu Pay, a payment platform covering more than 150 countries and regions. and the platform has the ability to exchange more than 20 mainstream currencies, with cumulative cross-border RMB settlement exceeding 7 billion yuan ($979.05 million).

Zhang Wenjing, deputy general manager of Yiwu Pay, explained that their company has successfully assisted foreign traders in digitally upgrading their transactions utilizing features like a visualized fund link and local currency accounts. This not only lowers payment costs but also facilitates secure and efficient transactions for foreign trade enterprises and small businesses.

In addition, Zhejiang China Commodities City Group released the world's first large language model for commodity trade, enabling Yiwu's sellers to communicate smoothly with customers in 36 languages.