Chongqing - Chongqing delegation for the second session of the 14th National People's Congress (NPC) submitted a suggestion on enhancing thecomprehensive service capabilities of the New International Land-Sea Trade Corridor (ILSTC) during the ongoing 2024 Two Sessions.
It involves enhancing the comprehensive service level of transport corridors and boosting their service capacity for the real economy is essential for the high-quality construction of ILSTC and the creation of an inland opening-up highland.
The ILSTC's cross-regional operation platform, jointly developed by 13 shareholders across 11 provincial-level regions, now spans 490 ports in 120 countries and regions.
In 2023, cargo volume via international rail-sea, cross-border road, and international railroad transport reached 178,000 TEUs, up 21%, with goods value hitting 28 billion yuan, an 11% increase. Test trains on the China-Laos-Thailand railway also began.
China-Laos-Thailand railway departed from the Tuanjiecun Railway Station in Chongqing on December 29, 2023. (Photo/New Land-Sea Corridor Operation Co., Ltd.)
The suggestion highlights that over seven years, the ILSTC has evolved from inception to prominence, shifting its focus from expanding in scale to prioritizing high-quality development.
However, service quality challenges persist, such as varying standards, incomplete multimodal transport regulations, inconsistent regulatory rules, limited data sharing, mismatches in key logistics hubs, and missing policies within the corridor. NPC deputies from Chongqing jointly put forward suggestions regarding this matter.
Exploring the One-Document-System of multimodal transport
First, it is suggested that the Ministry of Transport and the Ministry of Commerce lead the way, supporting Chongqing in exploring the One-Document-System of multimodal transport, developing standards for the system, and expanding the pilot scope.
They should promote updates to property rights protections in the One-Document-System bill of lading with entities such as the United Nations Commission on International Trade Law.
Second, the suggestion indicates that the National Financial Regulatory Administration and the People's Bank of China spearhead the creation of financial regulations for the One-Document-System bill of lading, promoting specialized insurance and financial guarantee products.
Third, the Ministry of Transport and the China Railway Group should lead in establishing a mechanism for converting rail-sea transport rules and mutually recognising "one cargo, two standards" between rail and sea transport of dangerous goods.
Also, Chongqing should be supported in testing water and rail transport for power-type lithium batteries and streamlining the approval and paperwork for rail transport of consumer lithium batteries.
Setup of a national industry investment fund for the ILSTC
First, it is suggested that the National Development and Reform Commission back the creation of a significant project library for the ILSTC, incorporating key initiatives such as the infrastructure of Chongqing Hub Port Industrial Park for funding through national debt or special government bonds, with a focus on strategic industries, materials, and energy projects in the park.
Tuanjiecun Railway Container Central Station in Shapingba District. (Photo/Guo Jin)
Second, it is suggested that the Ministry of Finance, General Administration of Customs, and State Taxation Administration support the inclusion of eligible land ports such as Chongqing Railway Container Center Station, Guoyuan Port, and Jiangjin Xiaonanya Station in the tax rebate pilot program at departure ports.
Third, China Railway Group is encouraged to ease the limitations on rail freight rate discounts for stations and commodities further, adopting a consistent 30% rate reduction for return trips at stations like Chongqing Railway Container Center Station, Yuzui Station, and Jiangjin Xiaonanya Station to draw more high-quality goods to the corridor.
Fourth, the National Financial Regulatory Administration and the China Securities Regulatory Commission are urged to back Chongqing in forming a financial services consortium and corridor bank for the ILSTC, enabling cross-regional resource allocation and aiding the setup of a national industry investment fund for the corridor.