Chongqing - On May 24, 2024, the 2023 development index report for the New International Land-Sea Trade Corridor (ILSTC) was unveiled at the 6th Western China International Fair for Investment and Trade (WCIFIT). The index reached 151.5 points, a 12.1% increase from the previous year's 135.2 points, highlighting the corridor's resilience and transformative growth.
According to the Chongqing Port and Logistics Office, the 2023 development index for the ILSTC reached 151.5 points, reflecting a 12.1% increase from the previous year. (Graphics/Zheng Ran)
The report evaluates the corridor's development using three main metrics: scale, quality, and competitiveness, divided into three first, 13 secondary, and 31 tertiary indexes. The Master Plan for the New International Land-Sea Trade Corridor serves as the reference, with a baseline score of 100.
The corridor's scale has grown steadily, with the scale index rising from 156.8 in 2022 to 163.6 in 2023, a 4.3% year-on-year increase. By the end of 2023, the railways' operating mileage in corridor provinces reached 68,000 kilometers, 43.1% of the national total, up from 42.3% in 2019.
The corridor's scale has grown steadily, with the scale index increasing from 156.8 in 2022 to 163.6 in 2023, marking a 4.3% year-on-year rise, according to the Chongqing Port and Logistics Office. (Graphics/Zheng Ran)
The logistics scale of rail-sea intermodal trains and cross-border road shuttles has grown significantly. In 2023, the ILSTC operated 11,680 intermodal trains, transporting 584,000 TEUs, a 7% increase from the previous year.
The quality index improved from 111.3 in 2022 to 111.6 in 2023. A key factor is the opening-up index, which rose 10.2% year-on-year to 109.5. This reflects enhanced trade between corridor regions and ASEAN countries. In 2023, import and export trade volume reached 911.5 billion yuan (USD 125.8 billion), a 3.3% increase.
According to the Chongqing Port and Logistics Office, the corridor's quality index improved from 111.3 in 2022 to 111.6 in 2023. (Graphics/Zheng Ran)
The competitiveness index rose 26.8% from 125.6 in 2022 to 159.2 in 2023, a notable increase. This growth is due to improved logistics costs, service capacity, customs clearance facilitation, and port competitiveness. The customs clearance facilitation index rose to 439.8, a 321.9% increase.
According to the Chongqing Port and Logistics Office, the corridor's competitiveness index saw a notable increase from 125.6 in 2022 to 159.2 in 2023, a 26.8% rise. (Graphics/Zheng Ran)
For example, the average customs clearance time for imports at key ports like Ruili Highway Port in Yunnan and Zhanjiang Port in Guangdong has been significantly reduced, and export clearance times at Youyiguan Highway Port in Guangxi decreased by over 90%.
"The ILSTC is an interregional supply chain system. Each hub along the corridor leverages this logistics channel to provide services for local industrial supply chains," said Wang Ming, Director of the Comprehensive Transportation Research Institute at the Chinese Academy of Macroeconomic Research, a national high-level think tank under the National Development and Reform Commission.
The continued development of the ILSTC is expected to boost the scale index, with quality and competitiveness playing crucial roles. This will improve regional resource connectivity, foster industrial interaction, and strengthen economic cooperation with neighboring countries, increasing the development index.
Cui Zhongfu, Vice President and Secretary-General of the China Federation of Logistics and Purchasing, introduced that in 2023, the total cost of social logistics in China accounted for 14.4% of GDP, a decrease of 0.3 percentage points from the previous year.
Cui suggested that Chongqing innovate its logistics service models, identify scenarios to reduce logistics costs and highlight examples of modern logistics that support industrial development. Additionally, efforts should focus on strengthening digitalization and leveraging technology to enhance modern logistics.