An expat receives his brand new residence permit at the Exit and Entry Administration Center in Yiwu, Zhejiang province on Aug 27. [Photo/zgyww.cn]

Yiwu in Zhejiang province issued the city's first 5-year residence permits for expats at the Exit and Entry Administration Center on Aug 27.

An Afghan merchant, whose Chinese name is Jin Fei, has been doing business in Yiwu for years and was one of the first expats to obtain a residence permit since Zhejiang's new policy on immigration and entry and exit procedures took effect on Aug 1.

"It saves both time and money as I don't need to extend it every year," said Jin, who used to count the days when his old permit was about to expire.

Under the new policy, expats who have been working in Yiwu for two consecutive years can apply for a 5-year residence permit. Expats who have been working in Yiwu for over four consecutive years are eligible to apply for a permanent residence permit.

Expats pose with their new residence permits in Yiwu, Zhejiang province on Aug 27. [Photo/zgyww.cn]

"The new policy also streamlined the procedures for expats who have a stable job, have good credit, and abide by the laws," said a spokesperson for the Exit and Entry Administration Center of Yiwu.

The easier access to residence permits is expected to attract more overseas entrepreneurs and job seekers to settle down in Yiwu, which will boost the city's development as an international business hub, according to the spokesperson.

Known as "the world's supermarket" for small commodities, Yiwu is currently home to around 15,000 foreign residents from more than 100 countries, and receives more than 550,000 overseas merchants every year.