For decades, Yiwu has been China’s shop window to the world. The city in the eastern province of Zhejiang is home to a gargantuan wholesale market that connects China’s factories with buyers across the globe.
But the export hub is now planning to flip its strategy on its head, and pivot toward helping foreign products find a market in China.
The move comes as China makes renewed efforts to reduce its persistent trade surplus amid intensifying pressure from the United States and other nations.
Wang Hao, the Communist Party secretary of Zhejiang province, told local officials earlier this month that Yiwu had long been known for selling to the world, but now needed to embark on a new mission of buying from the world.
Analysts said Yiwu’s new policy may reflect a shift in China’s trade strategy as it tries to reduce tensions with its major partners by boosting imports.
“No business relationship can be sustained if there is only a one-sided surplus,” said Zhou Dewen, the head of an association representing small- and medium-sized enterprises in Zhejiang.
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