Chinagoods, an online platform launched by Yiwu-based Zhejiang China Commodities City Group, recently took part in the 5th Global Cross-border E-commerce Festival and the 7th Shenzhen International Cross-border E-commerce Trade Fair held in Shenzhen.

A 200-square-meter exhibition area with eight independent booths and one large shared booth was provided for Chinagoods and a total of 31 merchants from the Yiwu Small Commodities Markets.

During the event, Chinagoods online platforms worked to establish connections with merchants and over 4,000 buyers, achieving an intended turnover of 10 million yuan ($1.48 million).

As a comprehensive service platform for digital trade, the Yiwu Small Commodities Markets launched its online platform Chinagoods two years ago. So far, the platform has brought 75,000 offline stores and 2.1 million types of goods online and made them available to global buyers.

In the first three months of 2022, the online platform saw its total value of transactions increase by 90 percent year-on-year to over 21 billion yuan.

The digitalization of trade has also opened up new channels for economic and trade cooperation between China and other developing countries.

In March, Yiwu released various measures to promote the high-quality development of local markets, noting that for government departments, industrial associations, and exhibition institutions that arrange for over 10 local enterprises to take part in trade fairs, rewards of 50 percent of the actual booth fee paid by exhibitors will be given.