(Xinhua)
Updated: 2008-01-24 20:22

"It is a significant innovation in market management for Yiwu and also a good experiment in perfecting China's market system," Du added.

He Meihua, vice mayor of Yiwu, believed the YMCI could offer an alternative to assessing the market credit situation and help enhance credit awareness among dealers.

Yiwu has more than 1,400 accessories enterprises employing almost 90,000 people. Its major products are jewellery and ties.

The accessories output of the city accounts for 80 percent of the country's market share with an annual sales value of 9 billion yuan (US$1.24 billion).

It has trade exchanges with 200 countries and regions and about US$30 billion worth of goods orders each year.

The city has been designated China's first national-level shopping tourist destination by the National Tourism Administration.

The Yiwu market, with more than 50,000 stalls, reported a trade volume of 3.48 billion yuan (US$481.3 million) last year.

In October 2006, the central government officially launched the country's first small commodities index in Yiwu, covering 23 specific sub-indices in three main categories: price indices, market prosperity indices, and single monitoring and measuring indices.

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