The Yiwu Bureau of Science and Technology was recently awarded as an outstanding institute in scientific innovation by the Jinhua municipal government.

Yiwu is a county-level city administered by Jinhua in East China's Zhejiang province.

Benefiting from the bureau's administration, total research and development expenditures for above-designated-sized industrial companies in Yiwu surged 62.7 percent year on year to 4.168 billion yuan ($660.6 million) in 2021, the highest figure among all county-level regions in Jinhua. R&D expenditures accounted for 3.4 percent of their operating revenue.

Last year, Yiwu authorities raised the upper limit for R&D subsidies from 8 million yuan to 10 million yuan. R&D expenditures from the government's public budget was expected to grow 16.3 percent in 2021.

Yiwu is currently home to 314 national high-tech companies, making up 17 percent of the aggregate in Jinhua.