Blockchain powers China-Europe rail trade – Xinhua

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— Blockchain is getting used to spice up commerce by way of the China-Europe practice routes, which have contributed considerably to reducing logistics prices and served as a lifeline stabilizing world commerce amid the pandemic.

— Using the Belt and Highway Initiative proposed by China in 2013, the China-Europe freight practice service has related over 60 home cities with main European international locations.

Aerial picture exhibits a China-Europe freight practice certain for Helsinki, Finland departing from Putian Station of Zhengzhou, central China’s Henan Province, Nov. 20, 2020. (Xinhua/Hao Yuan)

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by Xinhua writers Ma Yujie, Yang Di and Li Like

CHENGDU, April 11 (Xinhua) — Blockchain is getting used to spice up commerce by way of the China-Europe practice routes, which have contributed considerably to reducing logistics prices and served as a lifeline stabilizing world commerce amid the pandemic.

On April 1 on the Chengdu Worldwide Railway Port, a serious port in southwest China’s Sichuan Province for China-Europe cargo trains, a brand new model of the blockchain-powered platform Sino-Europe Commerce Hyperlink 2.0 was put into operation by the Industrial and Business Financial institution of China (ICBC).

The up to date platform, which permits enterprises to boost funds straight from the financial institution, will decrease prices and velocity up the money flows of related international commerce firms.

Using the Belt and Highway Initiative proposed by China in 2013, the China-Europe freight practice service has related over 60 home cities with main European international locations.

This undated file picture exhibits a waybill issued in 2007 for a freight practice departing from China to Latvia. (Chengdu Worldwide Railway Port Administrative Committee/Handout through Xinhua)

Wang Haiyang, normal supervisor of the Chengdu department of logistics firm Shenzhen Neptune Logistics Co., Ltd, displayed a waybill of the corporate in 2007. On it, there have been over 20 stamps plus a jumble of handwritten notes in numerous languages.

He recalled how the cargo — 4 tonnes of glass — was transported from Qingdao, a serious port metropolis in east China’s Shandong Province, to Riga, the capital metropolis of Latvia, over a interval of 36 days.

“Logistics enterprises again then needed to go to the railway station to choose up the waybill earlier than departure and take it to customs for inspection and to have it sealed. After that, the waybill could be saved by the driving force and be checked by each nation alongside the route. That is why there are such a lot of stamps and signatures on it,” he stated.

“Even after arrival, it took us one other three days to undergo all of the clearance procedures and have the supply accepted,” stated Wang. “Now the China-Europe practice solely takes a couple of third of the time.”

The tall order was made attainable through a basket of improvements China has made to spice up the service. A conspicuous enchancment was the intermodal transport doc.

Historically, the supply of products by railway includes a number of events and waybill requirements will not be uniform amongst international locations. So a journey might require a number of waybills and none of them might be used to choose up the products, making supply time-consuming and dear.

The intermodal transport doc, nonetheless, simplifies these en-route procedures and substitutes all waybills. It might additionally work as a certificates for enterprises to boost funds from the financial institution.

The doc, launched in 2017, has offered nice comfort for international commerce enterprises and is being broadly accepted.

This undated file picture exhibits the intermodal transport doc issued in 2017 by the Chengdu Worldwide Inland Port Operation Co., Ltd. to the Rongoudeyuan Provide Chain Administration Co., Ltd. (at present often called the Haotong Provide Chain). (Chengdu Worldwide Railway Port Administrative Committee/Handout through Xinhua)

Boosted by such new measures, the China-Europe cargo practice service has entered the quick monitor in recent times. Statistics confirmed that it took three years and three months for the freight trains to make 200 journeys, however solely two months to extend from 800 to 1,000 journeys.

Final 12 months, the freight trains made 12,400 journeys and transported 1.14 million twenty-foot equal items of cargo, respectively up by 50 % and 56 % 12 months on 12 months.

The intermodal transport doc has additionally laid the muse for the appliance of blockchain in cross-border commerce.

Blockchain is a selected kind of database the place all shoppers can share information but nobody can regulate or erase any trade. It’s subsequently lauded for its security, safety and transparency, and has promising functions in facilitating commerce.

“We benefit from blockchain’s deserves, comparable to its tamper-proof nature and timestamps, to kind dependable commerce information. That may tremendously enhance the financing capabilities of small and medium-sized international commerce enterprises,” stated employees with ICBC’s Sichuan department.

“In contrast with 2007, we now have the assist of blockchain, the Web of Issues and massive information, which may help monitor logistics and considerably decrease the chance of cargo harm. So there’s higher safety for each the banks and the purchasers,” stated Chen Ran with Chengdu Worldwide Inland Port Operation Co., Ltd.

As extra information is recorded on the platform, it can be utilized by international commerce firms to acquire extra credit score.

A China-Europe freight practice unloads cargoes on the Chengdu Worldwide Railway Port in Chengdu, southwest China’s Sichuan Province, on Feb. 1, 2021. (Xinhua/Jiang Hongjing)

“Prior to now, banks cared most about our belongings, now they’re extra involved with our enterprise flows, capital flows and logistics,” stated Xiao Lin, normal supervisor of vehicle importer Sichuan Haotong Provide Chain Administration Co., Ltd.

Xiao stated that the intermodal transport doc has helped the corporate preserve a sound capital circulate, and their annual imports have risen from simply two automobiles to virtually 200.

“Along with cross-border commerce, we are able to additionally discover the appliance of the intermodal transport doc in home logistics in accordance with home legal guidelines, thus drafting a multimodal transport scheme that may be broadly utilized,” stated Wei Bo with China Railway Chengdu Group Co., Ltd.

(Video reporters: Yang Hua and Yang Di; Video editor: Liu Yuting)



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