Chongqing-The Opening Ceremony of the Fourth Western China International Fair for Investment and Trade (WCIFIT) and the 2022 CCI-ILSTC International Cooperation Forum kicked off on July 22 in Southwest China's Chongqing Municipality. 

Elites and experts from all industries discussed how to improve the supporting role of the regional industrial chain and supply chain and provided new ideas to deepen international cooperation through the New International Land-sea Trade Corridor (ILSTC) at the forum.

Interconnectivity is the core of supply chain resilience

"Interconnectivity is the core of supply chain resilience, in which the visualization is one of the key aspects," said Josephine Teo, Minister for Communications and Information and Second Minister for Home Affairs of Singapore.

"PSA and Chongqing Port and Logistics Office have started to work together to verify the feasibility of the China-Singapore (Chongqing) International Dedicated Connectivity," she said. "Once successful, shippers and cargo owners can check the status of their goods more efficiently and achieve more flexible supply chain management." 

The CCI-ILSTC is not only a corridor for commercial trade but also carries the vision of shared development, said Kho Choon Keng, President of Singapore Chinese Chamber of Commerce & Industry. 

"Sino-Singapore cooperation has experienced different stages of development such as industrialization, urbanization, and green sustainability," he said. "Now it is catching up with the wave of development in the digital economy and information technology." 

“Great endeavors have been made by Chongqing in facilitating corridors, building platforms, optimizing services, boosting economy and trade, and pooling together industries,” said Leon Wang, Executive Vice president, International and China President of AstraZeneca, one of the first pharmaceutical companies that benefit from the Belt and Road Initiative and the China-Europe Railway Express,

According to Ning Jizhe, Member of the 13th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and Vice Chairman of the Economic Committee, CPPCC, accelerating the building of ILSTC, and deepening opening-up and cooperation will inject new energy and add fresh impetus to sustain a stable international industrial chain and supply chain, and enable the recovering global economy to regain prosperity and stability. 

2021 Development Index of ILSTC runs 112.9

To visually reflect the development level and status of the ILSTC construction, the 2021 Development Index of the ILSTC in Western China was released at the forum. 

Data shows that the ILSTC ran well in 2021 with a development index of 112.9, where the three first-level indicators of scale, quality, and competitiveness achieved growth. The ILSTC's overall operation has reached a new level, highlighting its positive driving effect on the development of the regions along the route. 

In these published indices, the convenience and efficiency of customs clearance is an important indicator, where the General Administration of Customs gave substantial support. The International Trade Single Window for ILSTC in Western China was launched at the forum, encompassing four major sections intelligent customs clearance, business collaboration, data application, and international cooperation. 

Under the theme of "Joining Hands with the West for a Brighter Future," the 4th WCIFIT is held online and offline, with special exhibitions, summit forums, and investment and trade activities. Mexico serves as the guest country, and Sichuan Province and Ningxia Hui Autonomous Region are the guest provinces. A total of 1,212 companies from 26 countries and regions participated in the exhibition.

As the country's foreign exchange, trade cooperation, and investment promotion platform, the WCIFIT is an important carrier for promoting international and domestic cooperation and a crucial window for the western region to showcase its image and expand its opening and cooperation with the outside world.