Chongqing-The New International Land-Sea Trade Corridor (ILSTC) ran well in 2021 with a Development Index of 112.9, highlighting the driving role of ILSTC in the development of regions along the corridor, according to the Opening Ceremony of the Fourth Western China International Fair for Investment and Trade (WCIFIT) and the 2022 CCI-ILSTC International Cooperation Forum.

"The index is based on the time point of 2019 when the National Development and Reform Commission issued the overall plan for the ILSTC," said Liu Wei, director of the Coordination Center for Logistics and Operation of the ILSTC.

"Through one comprehensive index, three first-class indices, 12 second-class indices, and 24 third-class indices, it covers multiple fields, including infrastructure, logistics, trade, and industry, comprehensively reflecting the development and operation of ILSTC under the new model of logistics, trade, and industry," said Liu.

A rise in the scale, quality, and competitiveness of ILSTC

According to the index outcome, the three first-level indicators, including scale, quality, and competitiveness of ILSTC, witnessed an increase in 2021.

Among them, the scale development index was 125, with a year-on-year increase of 21.8. The expansion trend of infrastructure, logistics, trade, and industry scale along the corridor was remarkable, with a further deepened integration of corridor construction, trade, and industry.

Meanwhile, the quality development index steadily increased to 112.7. The industrial chain along the corridor has been further integrated, and the export economy has grown, highlighting its strategic role in supporting the construction of the new development pattern.

The competitiveness development index rose against the trend up to 101.9, with the development momentum along the corridor further enhanced.

Industrial intensification strengthened along the corridor

The second-level indicators of infrastructure scale, logistics scale, trade scale, and industrial scale were 131.8, 119.5, 132.8, and 115.4, respectively, highlighting the construction force of the comprehensive transportation corridor.

The indices of intensification, structure, expressiveness, and RCEP economic and trade exchange index were 101.8, 100.5, 127.6, and 126.1, respectively. The new logistics, trade, and industry model has achieved remarkable results, and the trade structure has improved, with the intensive development of industries along the corridor needing to be enhanced.

The indices of logistics cost, service capacity, customs clearance facilitation capacity, and port competitiveness were 51.9, 108.6, 144.6, and 118.9, respectively.

Among them, due to the fluctuation of crude oil prices and the COVID-19 pandemic, port congestion, extended shipping schedules, and doubled shipping costs have directly lowered the logistics cost index, failing to give full play to its competitiveness.

The Chongqing Port and Logistics Office jointly compile the development index of ILSTC, Guangxi Development and Reform Commission, and other leading departments of the corridor construction of the provinces (autonomous regions and cities) along the corridor. It is implemented by the Coordination Center for Logistics and Operation of the ILSTC and the New Land-Sea Corridor Operation Co., Ltd.

(Ge Rongchen, as an intern, also contributed to this report.)