China has more than 90,000 wholesale markets with a total annual transaction volume of more than 3.4 trillion yuan (about 409.6 billion US dollars), said He Jihai, president of the All-China Federation of Commercial Enterprises Thursday.

Wholesale business has developed rapidly in China over the past decades, with a yearly growth of trading by 10.2 percent, according to He.

The transaction of wholesale markets in coastal areas account for half of the entire trade. Most of these marketplaces are specialized and indoors.

Following the country's entry of World Trade Organization (WTO),local wholesalers are facing challenges from international giants, He said, adding that it is now critical for domestic wholesale markets to get re-organized, innovated and upgraded.

Source: Xinhua