Chongqing works with Singapore to build smart trading center for intl goods

Containers are carried in and out of Chongqing's Guoyuan Port. [Photo/liangjiang.gov.cn]

Liangjiang New Area in Southwest China's Chongqing recently signed a contract with Singapore's Commodities Intelligence Centre (CIC). The two sides plan to build an international commodities intelligence center at Guoyuan Port, which is the largest inland river logistic port in China and a landmark project for Chongqing's development as a Yangtze River upstream shipping center.

The building program will reportedly share international resources possessed by CIC, bring Chongqing and Singapore closer in terms of data and goods, and make Chongqing a foreign trade industry hub for bulk commodities.

Guoyuan Port is a hub for water and land transportation, and the newly built center will offer a series of foreign trade-related services involving business matchmaking, customs clearance, supply chain logistics, trade financing, supply chain finance, and global rules-based regulations.

The program will further expand the technology-driven international B2B trade ecological circle, helping enterprises adapt to the economic climate shaped by China's dual circulation paradigm and the Regional Comprehensive Economic Partnership agreement and benefit from global digital trade, said a CIC official.

The official also highlighted Guoyuan Port's significant role in accelerating the pace of the opening-up of China's inland economy, creating more international bulk commodity trading and investing opportunities for Chongqing, advancing the Belt and Road Initiative, and accelerating economic integration among regions in western China.