China's State Council may soon approve a pilot program for a comprehensive reform of international trade in Yiwu city in Zhejiang province.

The city, which is the world's biggest hub for small-scale manufactured goods, is attempting to better facilitate its foreign trade, a move which could even have positive repercussions for China as a whole.

Yiwu wholesale market

In year of 2010, Yiwu exceeded 61.4 billion yuan in city gross domestic product, rising by 11.5% and realizing 7.7 billion yuan in state revenue. Yiwu tops the general competition of cities in Zhejiang and among the best in China.

"The program will unify all the related departments that include the State Administration of Foreign Exchange to study concrete policies," said the source, who declined to be named.