Yiwu to embark on financial reform

Cross-border e-commerce services and online-payment services also will be expanded, since Yiwu's e-commerce market is growing faster than the brick-and-mortar sector.

Replacing physical shops with e-commerce platforms to expand exports has turned out to be a way for small and medium-sized enterprises in Yiwu to gain more foreign clients, especially in difficult times.

The city aims to combine global trading with financial reform to have more innovative financial products for exporters, the mayor said.

He added that private capital management also would be a focus of the reforms, with the goal of a deeper, more diverse and increasingly convenient financial system.

Under the reform program, Yiwu will apply its advantages in financial trading, financial logistics and global finance to work with neighboring cities in Zhejiang province, as well as Shanghai.

"This is a great opportunity for Yiwu to exploit its advantages in global trading and cooperate with Shanghai on its coming launch of a free trade zone," said Sheng Yijun, the deputy director of Zhejiang's provincial finance office.

Another aspect of the reform program will be an up-to-date platform gathering information on online trading, logistics, warehouse operations and financial service to assist local businesses.

A trading information database of non-residents in the city also will be established to allow overseas individuals to have personal foreign-currency accounts in the city after obtaining a business license.

"Information platforms, including a credit rating system, will offer a healthy investment environment and complete information database for all businesses in Yiwu to know about the global trading development," said Guo Anna, the assistant inspector of the Hangzhou branch of the PBOC, China's central bank.

Guo added that a database of online transaction records in the city would be launched as well.

As the next step, Yiwu aims to release a three-year detailed program of its financial reforms by the end of the year.