GLOBALink | 5 years on, SCO demonstration area offers opportunities for win-win cooperation
Five years on, the China-SCO Local Economic and Trade Cooperation Demonstration Area (SCODA) in the eastern Chinese coastal city of Qingdao has grown into a new platform for international cooperation.
The Shanghai Cooperation Organization (SCO) demonstration area has sped up building a massive logistics passage to facilitate multilateral economic and trade cooperation and safeguard the stability of the industrial and supply chains in the region.
Apart from sea, air, and road transport, the area operates 31 international freight train routes, reaching 54 cities in 23 countries, including the SCO countries and those along the Belt and Road.
The demonstration area has set up a comprehensive platform to offer one-stop services covering trade, customs clearance, logistics, and finance. Nearly 5,000 enterprises, 731 suppliers, and 191 purchasers have registered on the platform.
It has also introduced or nurtured 10 trading platforms to link more than 2,000 trading companies.
Thanks to the spate of measures, the area’s trade with SCO countries surged to 8.1 billion yuan (about 1.1 billion U.S. dollars) in 2022 from 850 million yuan (about 117 million dollars) in 2019.
Produced by Xinhua Global Service