New International Land-Sea Trade Corridor China – ASEAN

In order to develop foreign trade relations with the ASEAN countries in recent years, China has begun the construction of a new international land-sea trade corridor as part of the implementation of the China-Singapore (Chongqing) Demonstration Initiative on strategic interconnectedness. The transit of goods from the central and western provinces of China to the ASEAN countries, relying on the central logistics center of the Chengdu-Chongqing Economic Circle, will pass through the Pan-Asian Railway and Highway Network, that will be built with the help of Chinese companies. As well as by sea transportation of goods from the ports of Beibu Bay and Yangpu Port in Hainan Province. The development and ratification of the Comprehensive Regional Economic Partnership Agreement, which has become a generator of growth in the volume of foreign trade between China and the ASEAN countries, Japan, and the Republic of Korea, required adequate measures to ensure regional cargo transit. In this regard, a large national logistics operator has been founded in China, and there are plans to build a financial center in Chongqing by 2025, which will become an important platform for further development of cross-border payments in yuan and deepening financial cooperation with ASEAN countries. The new corridor allows to significantly reduce the time and cost of cargo transportation from the western provinces of China to the ASEAN countries. In the future, with the connection of the Eurasian land-sea route and the Kashgar-Gwadar Port railway (as part of the development of the Chinese-Pakistani economic corridor) through the Economic Circle of Chengdu-Chongqing, it also allows to ensure the access of the central and western region to the markets of Europe, Africa, the Middle East, South and Central Asia. China is striving to reformulate the Belt and Road route into a global closed logistics route, from the possibility of joining which and using its synergetic and multiplicative effects, all participants in regional and global transit traffic will be able to receive significant and significant benefits