The county-level city of Yiwu in Zhejiang province is home to the world's largest small commodities market. CHINA DAILY

Yiwu, a county-level city in East China's Zhejiang province, recently issued a series of policy incentives related to the development of an open economy in 2022.

The policies are divided into four dimensions, namely expansion of cargo trade, encouragement of outbound investment, attraction of foreign investors, and promotion of international trade in services.

The government will cover 60 percent of the charges for exhibition booths by Yiwu enterprises at overseas fairs throughout 2022. The upper limit for the subsidy will be 30,000 yuan ($4,719) per booth for fairs held in the European Union or countries in the G7 and 15,000 yuan per booth otherwise.

The government will also reimburse at least 60 percent of premiums for short-term export credit insurance incurred by Yiwu enterprises.

Yiwu enterprises that have made their first attempt at creating new international business models for areas such as market procurement, overseas warehousing, and comprehensive foreign trade services will receive a one-off subsidy of 50,000 yuan.

Yiwu exporters that have obtained the title of "Famous Zhejiang Brands of Exports" will be rewarded 200,000 yuan.

The government will reward Yiwu investors that spend $500,000 to $1,000,000, $1,000,000 to $3,000,000, and more than $3,000,000 in a certain overseas project with 100,000 yuan, 150,000 yuan, and 200,000 yuan, respectively.

Yiwu enterprises which have acquired foreign companies that control independent brands, intellectual property rights, and marketing networks will receive a reward equivalent to 3 percent of the buyout sum, capped at one million yuan.

Foreign investors that have registered a business entity in Yiwu worth more than a million dollars will receive a 3 percent rebate on the total input, capped at 5 million yuan.