GAC Unveils 15 Measuresto Boost Growth of New International Land-Sea Trade Corridor
The General Administration of Customs (GAC) has unveiled 15 policy measures to stimulate growth in the New International Land-Sea Trade Corridor, aiming to reduce transportation costs for importers and exporters while promoting the development of inland business hubs.
Based in Chongqing, Southwest China, this trade corridor connects global ports via railways, sea routes, and highways through Chinese provincial-level regions such as South China's Guangxi Zhuang autonomous region and Southwest China's Yunnan province. It is one of the key projects under the Belt and Road Initiative.
The GAC will support the imports of bulk commodities through the new trade corridor. This initiative will contribute to building the country's strategic hinterland and assist key logistics hubs along the corridor in implementing rail-sea intermodal transportation options.
Key policy measures launched by the GAC include expanding domestic segment freight tax reduction policy, facilitating international rail container imports of mineral products, and pilot programs for fruit inspection and quarantine at destinations.
According to Chen Zongwang, deputy director of the GAC's department of general operation, the administration will expand the domestic segment freight tax reduction policy to include China-Laos and China-Vietnam freight train services, ensuring that imported goods get the same tax rate benefit in inland provinces as those cleared at sea and land ports.
In addition to helping inland provinces explore innovative trade models, the new policy measures will facilitate the strategic transfer of industries from eastern to western regions. The measures will foster mechanisms to connect open platforms in these areas and guide the relocation of upstream and downstream industries.
The New International Land-Sea Trade Corridor has achieved significant growth, with a 1.15 trillion yuan ($159 billion) total value of foreign trade in goods via the corridor reached from January to October this year, a year-on-year increase of 8.8 percent, customs data showed.
Industry experts expect the new trade corridor to emerge as a major growth engine for foreign trade in western China. Agricultural and industrial products of western China, such as the Ningxia Hui autonomous region's red wine and tea cultivated in Guizhou province, are expected to drive economic growth and employment opportunities in the region.
The New International Land-Sea Trade Corridor currently links over 120 countries and regions, as well as 542 ports, with more than 30,000 train trips completed to date.