Dubai Yiwu China Commodity City. [Photo/zgyww.cn]

Since the inception of the Belt and Road Initiative, Yiwu, a city in Zhejiang province, has transformed into an international hub for this grand initiative, local media reported on Oct 20.

Present-day Yiwu boasts 75,000 business stalls that distribute small commodities to every corner of the world. With 26 major categories and over 2.1 million varieties of small commodities, Yiwu serves as a thriving link between the world and the market.

At the Yiwu International Trade Market, nearly every merchant has a significant number of overseas orders. Businesspeople from around the globe come here to shop and buy goods.

Yiwu's trade with countries participating in the Belt and Road Initiative has seen significant growth, with exports and imports valued at 183.11 billion yuan ($25.03 billion) last year, a 13.3 percent increase.

Yiwu attracts over 400,000 foreign visitors annually, with 15,000 foreigners from more than 100 countries and regions making Yiwu their permanent place of residence.

These foreign nationals are actively involved in the social development of Yiwu. The Yiwu Foreign-related Dispute People's Mediation Committee, the first county-level foreign-related dispute people's mediation committee in the country, was established in May 2013.

Over the past decade, it has successfully mediated 1,196 foreign-related disputes, involving an amount of 129 million yuan, with a resolution success rate of 98 percent.