On December 11-12, 2024, the Central Economic Work Conference was held in Beijing, and the key tasks of the work conference were nine aspects, setting a positive tone. The key points that have an impact on Yiwu market mainly include:

1. Vigorously boost consumption and expand domestic demand on all fronts;

2. We should implement a more proactive fiscal policy and an appropriately loose monetary policy.

3. Open wider to the outside world at a high level to stabilize foreign trade and foreign investment.

This article will analyze the impact of economic work on Yiwu market in 2025 through the interpretation of the above three key points.

First, vigorously boost consumption and expand domestic demand on all fronts

The first is to "vigorously boost consumption and expand domestic demand in all aspects";. It can be seen that the task of boosting consumption has been placed in the first place and has become the most important economic task in 2025. This shows that the current problem of Chinese people's consumption downturn has received unprecedented attention and attention.

The Central Working Economy Conference in 2023 first raised the issue of "insufficient effective demand," a concept that essentially means a sluggish consumer market. And it will be mentioned again in 2024, highlighting that the phenomenon of sluggish consumer market in 2024 is still severe, and the restriction and impact on economic development are significant.

Vigorously boosting consumption and comprehensively expanding domestic demand, especially residents' consumption demand, is undoubtedly good for Yiwu's domestic trade sales.

The meeting proposed that "we should actively develop the first-tier economy, ice and snow economy, and silver economy";. This will directly benefit the sales of ice and snow sports products and elderly care supplies in Yiwu market. Ice and snow sports goods such as ski goggles, ski gloves, ski suits, portable toilets, walker accessories and other elderly care products have broad domestic sales prospects, and the demand will maintain a steady growth trend.

In terms of diversified consumption scenarios, the rise of "self-pleasing consumption", "emotional consumption" and "millet economy" has become a new growth point of domestic demand. Driven by "self-pleasing consumption" and "emotional consumption", consumers pay more attention to self-satisfaction and personalized consumption. With the prosperity and development of the domestic cultural industry, the fan base continues to grow, the demand for related cultural and creative peripheral products continues to rise, and the "millet economy" has become a new hot spot. According to Yiwu Index monitoring, in January 2025, the prosperity index of nursing and beauty products was 1683.96 points, an increase of 57.56 points from the previous month; The toy business index reached a record high of 1,325.34 points. Under the new policy, domestic sales of related categories are expected to rise further.

In addition, the meeting proposed the "implementation of the special action to reduce the logistics cost of the whole society";, which is of great significance for the domestic trade of small commodities in Yiwu. In the whole country, especially in Jiangsu, Zhejiang and Shanghai areas, a large number of postal goods originated from Yiwu. This policy will undoubtedly become a powerful booster for the vigorous development of "grassroots e-commerce". Once the logistics cost is reduced, Yiwu small commodities will have more price advantages and competitiveness.

Second, a more proactive fiscal policy and an appropriately loose monetary policy

The meeting called for the implementation of a "more proactive fiscal policy," including "raising the fiscal deficit ratio, ensuring that the fiscal policy continues to be vigorous and more effective," and "appropriately loose monetary policy," including "timely cuts in reserve requirements and interest rates, and maintaining ample liquidity." Since 2011, the monetary policy has shifted from "prudent" to "moderately loose" for the first time. In 2025, such an extraordinary proactive fiscal policy mix is not common, and fiscal efforts have significantly increased, fully demonstrating the determination of monetary policy to exert force.

Source: Public data collation

www.ywindex.com

In fact, the country has issued a series of active fiscal policies in 2024, but this meeting proposed a "more positive" tone, which means that monetary policies such as "lowering the reserve ratio and interest rate", "reducing the deposit reserve ratio and interest rate" or will be further strengthened.

We will cut the reserve requirement ratio and interest rates in a timely manner and maintain ample liquidity. For Yiwu, the reduction of the reserve ratio and interest rate will directly stimulate investment and consumption, increase the flow of the global market, and then drive the increase in the demand for international trade of small commodities, thereby enhancing consumer demand on a global scale. The demand for small commodities in overseas markets is stable and extensive, while Yiwu's small commodity market is an export-oriented market. The commodities exported by Yiwu are diversified and have price advantages. Merchants can flexibly choose commodities with different prices according to different market demands, which will improve the trade activity of Yiwu market to some extent.

In addition, the reduction of deposit reserve ratio and interest rate will also reduce the financing cost of enterprises and improve the financing environment of small and medium-sized enterprises. Small and micro enterprises are the main body of Yiwu's economic development. For small and micro enterprises in Yiwu, this indicates that the difficulty and cost of financing will be reduced, which provides strong financial support for enterprises' daily operation and market expansion.

Third, expand high-level opening to the outside world and stabilize foreign trade and foreign investment

The meeting proposed to "expand high-level opening up, stabilize foreign trade and foreign investment", including "promoting high-quality joint construction of the" Belt and Road "deeper and more solid, orderly expansion of independent and unilateral opening up, and actively develop digital trade."

Compared with the "expanding high-level opening up to the outside world" pointed out by the central economic work deployment in 2023, the keynote of opening up to the outside world in 2025 requires more stability, and there is progress in stability.

Exports, as one of the troika driving economic growth, China's exports in 2019-2022 are at a relatively high growth level, while the growth rate in 2023 is only 0.6%, and the proposal of "orderly expansion of independent and unilateral opening up" shows China's determination to open up. In the face of turbulence and uncertainty in the internal and external economic environment, China has actively explored win-win cooperation with other countries to make exports a "stabilizer" of economic growth.

Source: China Customs

www.ywindex.com

Yiwu, as the world's capital of small commodities, has commodities in more than 230 countries and regions around the world. According to the statistics of Yiwu Customs, in 2024, the total import and export volume of Yiwu reached 668.93 billion yuan, with a year-on-year growth of 18.2%, of which the export volume was 588.96 billion yuan, with a year-on-year growth of 17.7%. Yiwu has always maintained a high level of opening-up.

The meeting proposed to "promote high-quality joint construction of the Belt and Road" to go deep and solid. Data show that in 2024, Yiwu's total import and export to countries jointly building the "Belt and Road" reached 413.34 billion yuan, an increase of 18.2%, accounting for 61.8% of the total import and export value of Yiwu in the same period. It is expected that the import and export volume of Yiwu to the countries jointly building the "Belt and Road" will maintain a steady growth trend in the future.

The meeting proposed "orderly expansion of independent and unilateral opening up";. This means that the state pays more attention to open initiative and autonomy. In 2013, the pilot of 1039 market procurement trade mode landed in Yiwu, and Yiwu's foreign trade has also achieved proud results in more than 10 years, with the import and export volume increasing from 115.59 billion yuan in 2013 to 668.93 billion yuan in 2024, an increase of nearly six times. In the face of the turbulent international situation, Yiwu's foreign trade exports have not been greatly affected. The policy tone of "orderly expansion of independent opening and unilateral opening up" will also promote Yiwu market according to its own development needs and changes in the international situation, further promote Yiwu's opening up to the outside world, and achieve steady progress in foreign trade exports.

The meeting proposed "actively developing digital trade";. In recent years, digital trade has become a new driving force for the development of foreign trade, and Yiwu market is accelerating to take the lead, adapt to the new trend of trade development, and promote the leap of Yiwu market from traditional trade forms to digital trade ecology. In 2013, Yiwu implemented "e-commerce for market", launched the Chinagoods platform in 2020, decided to build the global digital Trade Center project in 2022 and will open in 2025... A series of measures show Yiwu's foresight and determination to develop digital trade, and Yiwu also has the ability to respond to the national policy of active development of digital trade, to reduce costs, increase efficiency and empower the majority of small and medium-sized entities in Yiwu, and promote the stable growth of small commodity trade.

In terms of imports, in recent years, Yiwu has achieved remarkable results in expanding imports. According to Yiwu Index monitoring, in 2024, Yiwu imported 79.97 billion yuan, an increase of 22.2%, of which imported consumer goods 48.18 billion yuan, an increase of 34.8%, accounting for 60.25% of the total import value of the city.

As the largest import daily necessities trade center in China, Yiwu International Trade City Import Hall brings together nearly 150,000 kinds of products from more than 100 countries and regions, such as clothing, shoes and hats, daily necessities, household goods, kitchen goods, daily chemical products, maternity and baby products, etc. The domestic sales cover the sales network channels of more than 300 large and medium-sized cities in China. Show a strong vitality and development space, continue to take the initiative to expand imports, help promote the development of internal circulation.

Conclusion

Recently, The State Council agreed in principle to the Overall Plan for Deepening the Comprehensive reform of International Trade in Yiwu, Zhejiang Province, which reflects the country's strong support for deepening the reform of international trade in Yiwu. In the coming months, a series of major national and local policies are likely to be introduced, with a focus on boosting household incomes and stimulating consumption, and Yiwu is poised to embrace this unprecedented wave of wealth.