The Yiwu International Trade Market at nightfall [Photo provided to chinadaily.com.cn]

The number of market entities in Yiwu, commonly referred to as the "world's supermarket", has exceeded 600,000, according to a statement from local authorities on April 26.

This year, the city has greatly expanded its market with 42,800 newly registered market entities, an explosive year-on-year growth of 21.62 percent. Notably, April witnessed a daily average of 850 new entities, up 26.4 percent year on year.

"Among the 600,000 entities, only 0.28 percent are engaged in primary industry, 14.69 percent in secondary industry, and as much as 85.01 percent in tertiary industry, reflecting a shift in the city's industrial structure," said a spokesperson for the municipal market supervision bureau of Yiwu.

The expansion of Yiwu's local market started in 2011, when the city became a national pilot zone for international trade reform.

Customers shop at Yiwu International Trade Market. [Photo provided to chinadaily.com.cn]

In 2017, Yiwu optimized its business registration procedures and allowed applicants to perform tasks with just their identity cards. The government also integrated online and offline applications channels for 352 items which were previously administered separately by over 10 departments.

As early as 2008, Yiwu started to develop a market for imports in order to transform itself from an export-oriented city into a global trade center. The registration changes and foreign trade contributed to the explosive growth.

It took 30 years for Yiwu to reach 100,000 market entities, six and a half years to reach 200,000, one year and 11 months to reach 400,000, five months to add another 50,000, and then 10 months to another 60,000.