Chongqing - The 4th Jiangbeizui New Financial Summit convened in Southwest China's Chongqing on October 24. Tu Xinquan, Dean of the China Institute for WTO Studies at the University of International Business and Economics was a keynote speaker, providing insights into the fast-changing landscape of China's inland areas.

Bridging News interviewed Tu Xinquan, Dean and Professor of the China Institute for WTO Studies at the University of International Business and Economics (UIBE), at the 4th Jiangbeizui New Financial Summit on October 24. (Photo/ Xiong Peng)

Inland regions turning from "fullbacks" to "forwards"

On October 18, at the Third Belt and Road Forum for International Cooperation, Chinese President Xi Jinping emphasized that Belt and Road cooperation has widened China's gateway to the world. This has allowed inland regions to transition from peripheral roles to becoming front-runners while coastal areas reach new milestones in their development.

Tu underscored that China's shifting focus towards developing nations, especially the Belt and Road Initiative (BRI) partners, has propelled these inland areas into leadership roles. This transformation, bolstered by China's burgeoning industrial strength, has invigorated cities like Chongqing, Hefei, and Zhengzhou.

Tu believes these regions are now well-positioned for increased global trade, thanks to partnerships like the BRI and the New International Land-Sea Trade Corridor (ILSTC).

Highly compatible foreign trade and industrial patterns

"I think Chongqing is one of the biggest beneficiaries of the BRI, " said Professor Tu. The city was quick to capitalize on the BRI's potential, becoming a leader in China-Europe freight and contributing to the ILSTC to slash logistics costs.

Industry is the crux, with Chongqing blazing a trail in electronic information. The sector, characterized by its high-value, lightweight, and compact products, predominantly relies on land and air transport.

Tu highlighted that Chongqing's electronic industry accounted for 60.7% of its foreign trade in 2022, with its laptop exports leading the nation. Moreover, the city has developed a robust manufacturing cluster, the "33618," which aligns perfectly with its global trade patterns.

Southeast Asia and China share industrial synergies

At the Summit's roundtable, "Jointly Building the ILSTC and Sharing New Opportunities for RCEP," Tu emphasized Chongqing's central role in this corridor. The corridor extends from China's west and central regions to the north, reaches Southeast Asia to the south via Guizhou Province and the Beibu Gulf Port, and stretches east to the Yangtze River Economic Belt.

Using Switzerland as an example, Tu pointed out that despite being landlocked, the country holds significant international sway in trade and finance due to its strategic location at the intersection of Germany, France, and Italy.

The RCEP region offers enormous economic growth prospects. The ten ASEAN countries alone have a combined population exceeding 600 million, making them a key focus for future global partnerships.

Tu also noted the considerable industrial synergies between Southeast Asia and China. For example, Southeast Asia is a powerhouse in the textile sector, while China's Xinjiang Uygur Autonomous Region is a leading global cotton producer. These complementary strengths offer ample collaboration opportunities.

Tu believes that Chongqing is well-positioned to become a crucial hub for these collaborations, with promising new industrial connections expected soon.

On another front, Chongqing is also making strides in trade regulations. The city introduced its first "International Letter of Credit for Rail Bill of Lading" in December 2017. By 2020, the Chongqing Liangjiang New Area's court extended judicial support for this innovative trade document.

According to Tu, Chongqing has the capacity to lead reforms and innovations in land trade rules, addressing key business needs in financing, logistics, and transportation.

The Fourth Jiangbeizui New Financial Summit kicked off on October 24 in Chongqing Jiangbei District. (Photo/ Jiangbei District)