‘Even bigger glory’: Xi Jinping seeks to boost confidence with Yiwu market stroll

President’s visit to manufacturing hub seen as ‘clear political message to encourage entrepreneurs’

But analyst says it will take more than a gesture to reassure private business in the country

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President Xi Jinping visits Yiwu International Trade City, the world’s biggest wholesale market for small manufactured goods, in Zhejiang province on Wednesday. Photo: Xinhua

Published: 9:55pm, 22 Sep 2023

President Xi Jinping’s visit to Chinese manufacturing hub Yiwu this week was a symbolic gesture at a time when the economy is slowing and Beijing is keen to beat the drum for private business, analysts say.

State television on Friday aired footage of Xi being given a warm welcome when he visited Yiwu International Trade City – the biggest wholesale market for small manufactured goods in the world – in the eastern province of Zhejiang.

“[I hope] the small commodities and big market of Yiwu will continue to thrill and achieve even bigger glory,” Xi told shopkeepers and owners during his visit to the market on Wednesday.

Xi Jinping was given a warm welcome at the market. Photo: Xinhua

Xi’s visit was described by official news agency Xinhua as a “field research trip” and a clear signal to promote development and boost economic confidence.

The Chinese leader was accompanied by his chief of staff Cai Qi, the Communist Party’s head of personnel Li Ganjie, top economic planner Zheng Shanjie and provincial leaders as he strolled through the market and chatted with workers.

Xi is in Zhejiang to attend the opening ceremony of the Asian Games in Hangzhou on Saturday, where he will host several foreign leaders attending the sporting event. They include Cambodian King Norodom Sihamoni, Syrian President Bashar al-Assad and South Korean Prime Minister Han Duck-soo.

Professor Xie Maosong, a senior researcher with the National Institute of Strategic Studies at Tsinghua University, said Xi’s visit to Yiwu came at an “opportune moment” after Beijing unveiled measures to support the private sector and boost confidence among entrepreneurs.