China to launch small commodity index named after Yiwu

The Chinese government is to launch a small commodities index named after Yiwu, the country's largest distribution center for small commodities, in eastern Zhejiang Province.

The "Yiwu-China Small Commodity Index" will be aired daily on China Central Television from Oct. 22, as an indicator of the industry's national climate, a source with the local government has said.

The Ministry of Commerce is hoping the "Yiwu index" will become a recognizable brand like the Dow-Jones Average, the source said.

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 nine billion yuan (1.13 billion U.S. dollars).

It has trade exchanges with 200 countries and regions and about 30 billion U.S. dollars 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 21,000 stalls, received some 3.66 million visitors last year.

Minister of Commerce Bo Xilai put forward the idea of the Yiwu index in September last year during a tour of the city, the government source said.

The Ministry of Commerce decided to use the "Yiwu-China Small Commodity Index" as its official name in June and began to work on a detailed program for the index, the source said.

Source: Xinhua