With a population of just under two million people, Yiwu's business revolves around a huge building of 62,000 stalls containing umbrellas, socks, toys, electronics, zips and other goods -- all spread out over four million square metres (43 million square feet).
"If you allocated three minutes per supplier during eight hours of daily business, you would need over a year to make your way round it (the market)," said Li Xuhang, vice mayor of Yiwu city, at the heart of Zhejiang province.
But despite a successful model of making products that are always in high demand, Yiwu is suffering, with business slowing "since the end of the first semester in 2008," according to Li.
The vice mayor puts this down to a 12 or 13 percent rise in labour costs, the appreciation of the yuan and an increase in the price of raw materials -- problems exacerbated by the global downturn.
As a result, the city's GDP grew 12 percent in 2008, higher than the nine percent growth figure for the whole country, but still lower than the 15 percent or more increase Yiwu has achieved in recent years.
The city's economic activity has also slumped, as shown by its annual fair in October.
Orders dropped 3.2 percent during the event, instead of increasing by the previous 10 to 15 percent, and the number of foreign visitors fell by more than five percent.
"In 2008, 55 percent of our goods were exported, against more than 60 percent the previous year," said Ding Yufeng, vice president of CCC, the group that manages Yiwu's market, majority-owned by local authorities.
For some people, the crisis has had a serious impact.
"Business? What business? For months, we haven't done any," said a woman surnamed Liao, sitting in her shop filled to the brim with odds and ends, from key-rings to dog collars.
Another shopkeeper surnamed Wang moaned about the current state of affairs, looking up from an embroidery in her umbrella stall.
"My turnover must have dropped 20 to 30 percent since the second semester, but we hope that things will be better after the Chinese New Year," she said.
A stroll along the market's alleys in the morning sees few clients jostling for space and, after lunch, the place is almost deserted.
Some of the retailers even closed shop 10 to 12 days before the Lunar New Year holiday, which began on January 26.
"Normally, they worked until five days before the holiday," said Yann Salaun, a young French entrepreneur who now lives in Yiwu.
But despite the slowdown, local authorities are planning a new extension to the market with the aim of reaching five million square metres in 2010.
"The moment is right. We already have part of the financing, so we are grabbing the opportunity," said Ding.
"I have complete confidence," he claims, as he bursts out in laughter.
For vice mayor Li, Yiwu is well positioned because it makes products in high demand.
"Rich, poor, everyone uses them. Before the crisis, consumers might have preferred luxury items, but now, there is the Chinese product," he said.
According to Yiwu authorities, the city boasts the world's five biggest sock manufacturers and the largest zip factory.
Ding said: "We are expecting a difficult first semester in 2009, but after that it's going to improve, especially with the drop in oil prices."
In the meantime, though, some migrant workers are expecting to take their time before coming back to Yiwu.
At the train station, Xie Chunling, carrying many bags, is on her way home, to neighbouring Jiangxi province.
"We will come back, definitely, but we will see when," he said.
