Yiwu's photovoltaic and optoelectronics industry saw its output value surge 119.64 percent year-on-year to 58.23 billion yuan ($8.23 billion) in the first eight months of the year, according to local media outlets.

During this period, the city's photovoltaic industry achieved a total industrial output value of 55.77 billion yuan, an annual increase of 132.27 percent.

The city has been working to create the province's largest information optoelectronic industrial cluster mainly in semiconductor lighting and new-energy photovoltaics, becoming an important emerging force for promoting the development of China's photovoltaic industry, which provides strong momentum for Yiwu's high-quality economic development.

JA Solar Technology Co Ltd, one of China's major photovoltaic facility manufacturers, has been in full production since the beginning of the year, according to Li Shouwei, general manager of the company.

Li said that from January to August this year, the enterprise achieved an output value of 14.2 billion yuan, an increase of 186 percent year-on-year, of which goods worth 8.87 billion yuan were exported, an increase of 374 percent year-on-year.

According to Yiwu's photovoltaic industry development plan, by 2025 the total output value of the city's photovoltaic industry should reach 100 billion yuan. The city is expected to see five leading enterprises with an annual output value exceeding 10 billion yuan each.