Yiwu International Trade Market. [Photo provided to chinadaily.com.cn]

Yiwu's e-commerce transactions reached 191.84 billion yuan ($26.72 billion) in the first five months of the year, representing an 11.2 percent year-on-year growth, according to the municipal market development and reform commission on June 23.

Among them, domestic e-commerce transactions accounted for 137.44 billion yuan, growing by 11 percent, while cross-border e-commerce transactions reached 544 billion yuan, a growth rate of 11.8 percent.

In district 5 of the Yiwu International Trade Market, sales of products related to the Dragon Boat Festival were on fire. Demand has exceeded production capacity, leading to a supply shortage.

"On the Alibaba e-commerce platform alone, we receive more than 3,000 orders per day, peaking at 10,000 orders," said Xue Ziyi, a local business owner.

In Yiwu, it has become common for merchants to have physical stalls in addition to online stores on domestic e-commerce platforms such as Taobao, Tmall, Pinduoduo, JD.com, and international platforms like Amazon.

The cumulative number of registered e-commerce entities in the city has now exceeded 520,000, accounting for 54 percent of total market entities.

In recent years, Yiwu has prioritized the strategic and leading development of the e-commerce industry. In 2022, the city's e-commerce transactions reached 390.7 billion yuan, increasing by a factor of 15 over the course of just 12 years.