Chongqing - On November 12, Chongqing hosted the 2024 Forum on Economic Development Along the New International Land-Sea Trade Corridor (ILSTC), uniting experts from around the world to explore key strategies for accelerating the corridor’s growth and impact.
Several important agreements were reached during the forum. New Land-Sea Corridor Operation Co., Ltd. signed an agreement for a third round of capital increases and equity expansion. Furthermore, four provinces—Shaanxi, Hainan, Qinghai, and Yunnan—joined the ILSTC’s cross-regional operations platform, achieving full coverage of the corridor.
Another highlight was the memorandum of cooperation signed by Chongqing, Guizhou, and Guangxi on jointly developing the ILSTC hydrogen corridor. This agreement designates the Chongqing-Guizhou-Guangxi section as a pilot area for the hydrogen corridor. It outlines a collaborative model involving the government, platforms, and enterprises to promote the use of hydrogen-powered trucks.
The hydrogen corridor along the Chongqing-Guizhou-Guangxi expressway will leverage hydrogen’s benefits—fast refueling, compact size, and lightweight—to boost transport efficiency. This initiative aims to build a green logistics system, including a hydrogen supply network and innovative technologies, supporting ILSTC's green development.
The forum also launched the Chongqing Corridor Price Index, comprising three sub-indices: ILSTC, China Railway Express (Chongqing), and the Yangtze River Golden Waterway. With a baseline of 1000 from January 2024, the index stands at 1287.0, indicating coordinated corridor development, active markets, and stable freight rates.
The ILSTC index stands at 1124.3, while the China Railway Express (Chongqing) index is 1539.8, and the Yangtze River Golden Waterway index is 1219.3. These figures indicate improving market supply and demand along these key transport routes.
He Hui, Chief Economist at the China Federation of Logistics and Purchasing, explained that the Chongqing Corridor Price Index will serve as a critical indicator for logistics prices across Chongqing's export channels. The index will help logistics market participants set prices and guide government macro-policies, playing a crucial role in advancing the quality development of the corridor.
The forum also marked the establishment of the ILSTC Development Think Tank and Research Institute, focusing on policy research, economic analysis, industrial planning, regional cooperation, corporate services, social services, and talent development.
In recent years, Chongqing has made significant progress in advancing the ILSTC. As of September 2024, the corridor network spans 18 provinces, 73 cities, and 156 locations across central and western China, connecting 542 ports in 125 countries and regions. Future developments will prioritize improving operational reliability, integrating logistics and trade industries, accelerating digital infrastructure, and enhancing the corridor's overall service levels.
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