China officially launches first small commodity index
Author: dingdu
Source:
Date: 2007-1-6,23:43
The Chinese government on Sunday officially launched the country''s first small commodities index in Yiwu, China''s largest distribution center for small commodities, in the eastern province of Zhejiang.
The index system has 23 specific sub-indices, which are chiefly composed of three parts: small commodity price indices, small commodity market prosperity indices and single monitoring and measuring indices.
Apart from reflecting the changing trends of commodity prices, the index will also serve as a barometer of market prosperity, dealers'' confidence and the market operation situation, said Dr. Su Weihua, head of statistical and mathematic institute of Zhejiang Gongshang University, one of the co-founders of the index.
The quintessence of the index includes a last week price index published on every Tuesday and a last month prosperity index at the beginning of every month, Su said.
The index is available on the websites of the Ministry of Commerce and Yiwu city government as well as some authoritative publications.
The basic points of the price index is 100 and the prosperity index 1000. The index published on Sunday showed that the price index for the last week is 99.97 and the prosperity for the last month is 1268.47.
"The index shows that the market in Yiwu is quite prosperous during the seasonal changing period," Su analyzed.
Minister of Commerce Bo Xilai put forward the idea of the Yiwu index in September last year during a tour of the city.
The Ministry of Commerce decided to use the "Yiwu-China Small Commodity Index" as its official name in June and entrusted China small commodity city, Zhejiang Gongshang University and Hangzhou-based Hundsun Electronics Co., Ltd. to jointly develop the program of the index, Su said.
Huang Hai, Minister Assistant of the Ministry of Commerce, said the index will provide a scientific statistics for government decision making and timely and accurate information for small commodity producers and dealers.
The Ministry of Commerce is hoping the "Yiwu index" will become a recognizable brand like the Dow-Jones Average, Huang said.
Yiwu has more than 1,400 accessories enterprises employing almost 90,000 people. Its major products are jewellery and ties.
The accessories output of the city accounts for 80 percent of the country''s market share with an annual sales value of nine billion yuan (1.13 billion U.S. dollars).
It has trade exchanges with 200 countries and regions and about30 billion U.S. dollars worth of goods orders each year.
The city has been designated China''s first national-level shopping tourist destination by the National Tourism Administration.
The Yiwu market, with more than 50,000 stalls, received some 3.66 million visitors last year. Enditem
Picture
· Golden piggy-banks run out of sale in Year of Pig dingdu - 1/6/07
· Foreign businessmen in Yiwu dingdu - 1/6/07
· Yiwu Baiai Crystal gift Co.,ltd - Crystal Perfume Bottle supplier dingdu - 1/5/07
· Yiwu Hotel(Four-star Standard ) dingdu - 12/26/06
· Kingdom Hotel Yiwu (Five-star Standard) dingdu - 12/26/06
· Yiwu hotel list dingdu - 12/26/06
· About the Yiwu Market dingdu - 12/26/06
· Eastern export base tops Chinese industrial product markets dingdu - 12/22/06
· What's so different about Yiwu and Yiwu markets? dingdu - 12/21/06
· Best Way to go to Yiwu dingdu - 12/21/06
· Foreign businessmen in Yiwu dingdu - 1/6/07
· Yiwu Baiai Crystal gift Co.,ltd - Crystal Perfume Bottle supplier dingdu - 1/5/07
· Yiwu Hotel(Four-star Standard ) dingdu - 12/26/06
· Kingdom Hotel Yiwu (Five-star Standard) dingdu - 12/26/06
· Yiwu hotel list dingdu - 12/26/06
· About the Yiwu Market dingdu - 12/26/06
· Eastern export base tops Chinese industrial product markets dingdu - 12/22/06
· What's so different about Yiwu and Yiwu markets? dingdu - 12/21/06
· Best Way to go to Yiwu dingdu - 12/21/06