File photo: Yiwu Pay is launched in Yiwu. [Photo/Zhejiang Daily]

Yiwu China Commodity City Group announced on July 15 that its subsidiary, Yiwu Pay, has joined with the People's Bank of China and Yiwu Rural Commercial Bank to introduce a "credit-based trade financing" product.

Credit-based financing entails assessing the financing capability of individuals and enterprises based on their creditworthiness. Financial institutions and banks evaluate the credit standing of applicants, as a favorable credit profile augments the likelihood of loan approval and results in favorable lending rates.

According to an employee at Yiwu China Commodity City Group, the product extends tailored credit services to entities engaged in cross-border e-commerce and other facets of foreign trade.

Yiwu plays host to an impressive array of 75,000 business stalls and over 2.1 million types of products across 26 major sectors. The offerings find their way to more than 210 countries and regions worldwide, cementing the market's reputation as a hub for over 2.1 million small and medium-sized enterprises in China.

Yiwu China Commodity City Group recently disclosed its performance forecast. Preliminary calculations by the finance department project an anticipated net profit of approximately 7.33 billion ($1.02 billion) to 7.94 billion yuan for the first half of 2023, reflecting a year-on-year surge ranging from 60 percent to 65 percent.

Data released by Yiwu Customs reveals that the value of imports and exports from January to May has soared to an impressive 217.36 billion yuan, up 18.7 percent year-on-year.