Cooperation guidelines for the New International Land-Sea Trade Corridor under the framework of China-Singapore (Chongqing) connectivity programs have been enacted, according to a news conference held on June 8 in Southwest China’s Chongqing municipality.
According to the document, by 2025 the total trade volume between domestic routes of the corridor and ASEAN countries will reach $180 billion.
Zeng Jinghua, director of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) Administrative Bureau, said at the conference that by 2025, the container throughput of sea-rail transport through the corridor is expected to reach 500,000, and the number of cross-border freight trains could stand at 2, 000.
The guidelines also specified five areas of cooperation – trade, industries, infrastructure and supply chain logistics, finance and digitalization.
China and Singapore will also deepen collaboration in single-window systems, boost corridor trade facilitation, and enhance customs partnerships between the two sides.
Chongqing will leverage the corridor to launch automobiles and supporting industry investments, bolster the municipality’s industrial connections with Singapore and other countries and regions along the corridor, and form a sustainable auto supply chain system.
The government will also work to properly match the corridor with the China-Europe freight train and guide Chinese and Singaporean enterprises to participate in the construction of international logistics parks along the corridor in order to develop a complete global express delivery distribution system.
Meanwhile, green finance tools will be preferred for the construction of the corridor, and enterprises involved are encouraged to receive funds from the China-Singapore capital market.
Based on the special data channel of the China-Singapore connectivity network, a new comprehensive logistical information platform for the international land-sea trade corridor will be established. The two countries will build pilot zones for cross-border data transmission.