The National Bulk Commodity Warehouse Receipt Registration Center opens in Shanghai's Pudong New Area on Nov 23. [Photo/WeChat account: Shandong-Port]

The National Bulk Commodity Warehouse Receipt Registration Center was opened in Shanghai's Pudong New Area on Nov 23.

Shandong Port Group (SPG) attended a symposium held by the Pudong financial bureau and the Shanghai Futures Exchange as one of the center's founding members.

Promoted by the government of Pudong New Area and the Shanghai Futures Exchange and initiated by the China Logistics Group, Sinotrans Ltd and seven other enterprises, the National Bulk Commodity Warehouse Receipt Registration Center focuses on bulk commodity data management, block-chain warehouse receipt services and stock market information.

It offers centralized registration and query services for bulk commodity warehouse receipts nationwide, aiming to build a national modern warehouse receipt registration and circulation system.

The center intends to manage information flow and cargo logistics, and further strengthen market discipline and restraints, prevent risky behaviors such as "false warehouse receipts" and "repeated pledges", enhance bulk commodity warehouse receipt resource management, and reduce financing costs for enterprises.

Thus, it is expected to improve the market ecology and integrity system, facilitate the development of the financial business, and ensure the safe circulation and operational efficiency of bulk commodities.

As the world's largest port conglomerate in terms of cargo capacity, SPG accomplished a cargo throughput and a container throughput of over 1.5 billion metric tons and 34 million TEUs (twenty-foot equivalent units) in 2021, ranking first and third worldwide, respectively.

The annual import volume of crude oil, iron ore, bauxite, and grain has reached one-third, one-fourth, two-thirds and one-fifth of the country's total, respectively, becoming an important engine for Shandong province and the country to open up to the world.

With the continuous expansion of scale and volume, the futures, bulk commodities, energy trading and other forms of business at SPG are deeply integrated, which guarantees the coordinated development of bulk commodities.

As bulk commodity ports, Qingdao Port, Rizhao Port, Yantai Port and Bohai Bay Port have gained more prominent natural advantages in developing futures business in the province.