Chongqing - The Chinese Academy of International Trade and Economic Cooperation unveiled a new report on developments of the New International Land-sea Trade Corridor (ILSTC) 2023 during the Forum on Economic Development Along New International Land-sea Trade Corridor in China's Chongqing on November 1. 

The report illustrates how the ILSTC has successfully connected the central and western regions of China with the ASEAN countries, significantly boosting trade and economic expansion in these regions.

Trade between ILSTC regions and ASEAN in 2017 and 2022. (Graphics/Chen Zhan)

By September 2023, the ILSTC's reach has spanned over 138 stations across 69 Chinese cities, connecting with 473 ports in 120 countries globally.

This expansion has translated into a surge in trade between the ILSTC regions and ASEAN, climbing from $75.6 billion in 2017 to $131 billion in 2022, with an average annual growth of 11.6%. 

Vietnam, Malaysia, and Thailand have emerged as the top three export markets, while Vietnam, Malaysia, and Indonesia are the primary import sources.

The ILSTC has highlighted China's western region, elevating its status in its strategy for opening up to the world. Between 2017 and 2022, this region's share in China's overall foreign trade climbed from 7.6 to 9.2 percent.

Western provinces such as Guangxi, Sichuan, Chongqing, and Yunnan have become pivotal inland trade hubs, especially under the Belt and Road Initiative (BRI). They rank 7th, 9th, 12th, and 13th in the nation for trade volume with ASEAN countries, respectively.

Data of the western region's share in China's overall foreign trade as well as trade volume rankings of the western region with ASEAN countries. (Graphics/Chen Zhan)

Moreover, the report highlights Chongqing's leading role as the ILSTC operation and organization center, noting its achievements in fostering inter-regional transport corridors and establishing a comprehensive operational platform.

Looking ahead, the report advises Chongqing to build upon its traditional industries and innovate in emerging areas such as modern logistics, digital economy, and electronic information. 

There is also a call to develop specialized industrial chains in vehicles, cold chains, and medicine, aiming to transform Chongqing into a significant international procurement and trade settlement hub.

Chongqing's possible future plans to develop ILSTC, according to the report. (Graphics/Chen Zhan)