Workers at the Yiwu Geely Automatic Transmission Co factory have recently been carrying out the final-phase testing of equipment, with the factory expected to begin production in just a few more days.

Yiwu Geely Automatic Transmission Co is the fifth factory established by Geely Auto, China's largest privately-owned auto maker, in Yiwu Green Power Town. The factory has an investment of 8.46 billion yuan ($1.32 billion) and has a production capacity of 700,000 automatic transmission machines.

Around 70 percent of products for Geely vehicles' powertrain systems are expected to be manufactured in the company's Yiwu factories.

The introduction of Geely Auto into Yiwu is part of the city's efforts to build up four emerging industries, namely the photoelectric information, new energy vehicles and parts, high-end integrated circuits and intelligent terminals, as well as healthcare industries.

Yiwu aims to accelerate digitization reform and industrial upgrades for its conventional manufacturers of small commodities.

The latest data shows that the total industrial output of the city's above-designated-size companies stood at 89.8 billion yuan in the first 10 months of this year, up 67 percent from the previous year. The total industrial value-added for these companies surged 48.7 percent year-on-year to 20.8 billion yuan during the period.

The city's top 14 investment recruitment projects resulted in an industrial output of 40.2 billion yuan, making up 44.8 percent of the city's aforementioned aggregate.

Four of the city's five largest photovoltaic enterprises exceeded one billion yuan in monthly output in October.

By the end of this year, Yiwu is expected to have its first local enterprise that earns over 10 billion yuan in annual revenue.

Over the first 10 months of this year, the industrial value-added in the city's equipment manufacturing sectors, strategic emerging sectors, as well as high and new technology sectors respectively grew 130.5 percent, 103.2 percent, and 74.2 percent year on year.