Yiwu's municipal market supervision bureau announced on Aug 3 that as of the end of June, the number of individual businesses in Yiwu had reached 704,500, accounting for 71.69 percent of the city's market entities and marking an 18.86 percent year-on-year growth.

Among these, 532,500 individual businesses are engaged in wholesale and retail, constituting 73.5 percent of the entire industry.

In the accommodation and catering sector, there are 383,400 individual businesses, accounting for 95.9 percent of the industry. Furthermore, 25,600 individual businesses are engaged in resident services, repairs, and other services, making up 91.1 percent of the sector.

Yiwu has consistently prioritized the holistic development of individual businesses, recognizing their pivotal role in ensuring economic stability and societal order.

In April this year, Yiwu established the nation's first Center for Individual Economic Development Research, injecting new momentum into the categorization and cultivation of individual businesses within the region.

On Aug 1, the "Zhejiang Province Policies to Promote the Development of the Individual Economy" document outlined 43 policies and initiatives, including cost reduction, resource support, business environment enhancement, and development assurance.