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Chongqing's Digital Innovation Attempts on Corridor and Regional Economy

By ZHAN CHEN|May 18,2023

Chongqing - The 2023 CCI-ILSTC International Cooperation Forum, held in Southwest China's Chongqing Thursday, follows the annual theme of ILSTC Development Driven by Digital Technology.

Currently, the construction of the New International Land-sea Trade Corridor (ILSTC) is in a critical period of structural adjustment and industrial upgrading. As the operation center of the ILSTC, Chongqing will move towards digitalization and intelligence for the integrated development of the corridor and regional economy.  

For example, the Chongqing Port and Logistics Office is now initiating a collaborative logistics platform, aiming to integrate the data of production, trade, freight forwarders, logistics, and transportation enterprises. 

ILSTC public information platform. (Photo/Chen Zhan)

While exploring ways to overcome data barriers, Chongqing also improves data sharing by effectively utilizing data assets and enhancing the industrial supply chain.

Chongqing has started a public information platform for the ILSTC, planning to launch four major application scenarios this year, including customs clearance, logistics, trade, and finance. 

Aiming to provide convenience and efficiency in digital customs clearance, the platform strives to operate the digital channel information platforms covering 15 places along the corridor by the end of the year. 

'Single window' ILSTC platform reduces over 50% in labor costs

Chongqing has taken the lead in establishing the first regional "single window" platform in China for the ILSTC. The platform enables online collaboration among production, customs declaration, warehousing, logistics, and freight forwarding, significantly reducing time and costs. 

The platform has completed over 80,000 collaborative transactions, reducing over 50% in labor costs.

Export cargo loading at the ILSTC. (Photo/ILSTC)

For enterprises, they can track the train status on the platform with numbers of containers or bills of lading, realizing dynamic and traceable logistics operations throughout the process. 

So far, the platform has accumulated over 67,900 bookings in the relevant regions along the corridor, with over 3.44 million container tracking updates.

Facilitated freight and financing settlements for enterprises

In the financial sector, the financing and settlement application scenarios for the ILSTC conducted an accurate and comprehensive portrait of enterprises and provided strong support for bank credit. 

Now, the project has facilitated freight and financing settlements for over 400 Chinese domestic enterprises, supporting their trade with more than 140 countries and regions, including the United States, Germany, India, Japan, etc. 

The financing and settlement transactions totaled over 25.3 billion yuan, and the settlement efficiency was improved by over 50%. Meanwhile, an artificial intelligence customs declaration system has been launched with an 80% increase in business efficiency.

While reducing corporate financing costs also expands the channel's influence and service capabilities. The project was selected as a national blockchain innovation and application pilot in 2022.


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