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China's Trade Corridor Growth
China's New International Land-Sea Trade Corridor boosts trade, reduces costs, and facilitates industrial relocation through supportive policy measures and efficient transportation.
English
China
EconomyChinaTradeInternational TradeInfrastructureLogistics
General Administration Of Customs (Gac)Chongqing D-Chamwin Motor Technology CoBeijing Jiaotong University
Chen ZongwangZhang XiaodongYang Heping
- How does the corridor contribute to China's industrial development?
- The corridor facilitates the strategic transfer of industries from eastern to western China, fostering mechanisms to connect open platforms and guide the relocation of upstream and downstream industries along the corridor.
- What is the main goal of the New International Land-Sea Trade Corridor?
- The New International Land-Sea Trade Corridor, initiated under China's Belt and Road Initiative, aims to boost trade by reducing transportation costs and developing inland business hubs. It connects global ports via railways, sea routes, and highways.
- What is the recent performance of the corridor in terms of trade volume?
- From January to October 2024, the total value of foreign trade via the corridor reached 1.15 trillion yuan ($159 billion), an 8.8 percent year-on-year increase. This growth is driven by increased trade in agricultural and industrial products from western China.
- What policy measures did the GAC introduce to stimulate the corridor's growth?
- The General Administration of Customs (GAC) introduced 15 policy measures to stimulate the corridor's growth, including expanding tax reduction policies for rail-sea intermodal transportation to China-Laos and China-Vietnam freight train services.
- What are some of the key benefits and achievements of the New International Land-Sea Trade Corridor?
- The corridor currently links over 120 countries and regions, 542 ports, and has facilitated over 30,000 train trips, expanding its goods categories from 80 to 1,160. Companies like Chongqing D-Chamwin Motor Technology Co. utilize the corridor's efficiency for faster and cheaper transportation of goods.