A bird's-eye view of Yiwu in Zhejiang province [Photo/zgyww.cn]

The Information Office of Zhejiang province announced regulations on the Yiwu International Trade Comprehensive Reform Pilot Zone in Hangzhou, Zhejiang province on Dec 24.

The regulations were designed to optimize the pilot zone's administration, boost industrial transformation, coordinate regional development, and improve business environment, according to Ding Zunian, member of the Standing Committee of the Zhejiang Provincial People's Congress.

The regulations encourage the pilot zone to introduce capital, technology, talent, and market resources from other regions in the Yangtze River Delta and use its free trade conveniences to stimulate the market economies in neighboring cities.

The regulations were passed by the Standing Committee of the Zhejiang Provincial People's Congress on November 29 and will take effect on January 1, 2020.

Launched in February, Yiwu International Trade Comprehensive Reform Pilot Zone has brought Yiwu into a new development stage, according to local authorities.

In the first three quarters of 2019, Yiwu's GDP was 98.21 billion yuan ($14.03 billion), up 7.1 percent year on year. In the first 11 months, the city's exports were valued at 256.98 billion yuan, up 9.8 percent year on year.

Implementation of the regulations will accelerate Yiwu's pace of reform and innovation, making the city a global hub for small commodities, said Lin Yi, secretary of the Yiwu Municipal Committee of the Communist Party of China.