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Digitalized bulk commodity trade to help national unified market construction

|chinadaily.com.cn |Updated: June 17, 2022

The digitalization of bulk commodity market at ports will strategically support the high-quality economic development and enhance China's power of international discourse in the bulk commodity market, Xinhua Finance reported.

On April 10, the Communist Party of China Central Committee and the State Council jointly released a guideline on accelerating the establishment of a national unified market, which intends to end local protectionism and unifying the fragmented market to remove key hurdles for economic growth.

The guideline noted that efforts should be made to speed up the digital transformation and smart upgrading of the commodity market. It also encourages building a comprehensive commodity trade platform.

Port is the junction of water and road transport and a key node for bulk commodity imports, storage, transportation and trade, and the digitalization of the bulk commodity market at ports will back the market to play a decisive role and push forward high-quality economic development, according to a Xinhua Finance report.

The report pointed out that the key to digitalized bulk commodity trade is the collection, process, presentation and application of storage, trade and transit data of bulk commodities at ports, thereby drawing out the bulk commodity index which will be centered on prices.

The report said that the precise depiction of the change of bulk commodity trade will help enhance the link bulk commodity, port shipping and imports and exports trade in a highly efficient way, so as to enhance the total factor productivity.

In this way, the port bulk commodity market will be a wind vane of the national, if not the global, bulk commodity market, and gradually become a pivot and innovation and sharing platform for the national unified market, according to the report.

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