China-ASEAN Forum: Fortifying Bulk Commodity Trading and Fostering Innovation

China-ASEAN Forum: Fortifying Bulk Commodity Trading and Fostering Innovation

Revolutionizing Bulk Commodity Trade

The China-ASEAN Bulk Commodity Trading Innovation Development Forum, held in Nanning, Guangxi, on September 18, marked a significant milestone in the domain of bulk commodity procurement. The forum saw the signing of five projects, with the total agreement amounts exceeding a staggering 29.7 billion yuan. These agreements encompassed areas such as oil, palm oil, coal, and ore, illustrating the diverse range of commodities involved in the transactions.

Strong Ties Between Guangxi and ASEAN

Guangxi, closely connected to ASEAN countries by land and sea, has witnessed frequent trade transactions over the years. The Guangxi Free Trade Experimental Zone has been instrumental in accelerating the construction of the bulk commodity trading platform, achieving preliminary results that denote significant success. From January to July this year, the import of bulk commodities saw an impressive increase of 81.2% compared to the same period last year, reaching a total of 12.792 million tons.

Qinzhou: An Emerging Hub for Bulk Commodity Trading

Qinzhou, situated in the heart of the Beibu Gulf Economic Zone in Guangxi, serves as a major seaport in the Western Land-Sea New Channel. The total import volume of bulk commodities in Qinzhou has been on a steady upward trajectory in recent years, further establishing its importance as a hub for bulk commodity trading. It has become an essential locus of cooperation for supply chains, value chains, and industrial chains between China and ASEAN, as well as between China and RCEP member countries.

Launching Trading Platforms and Price Index

The forum saw the official launch of the Beibu Gulf (Guangxi) Bulk Commodity Spot and Forward Trading Platform and the Xinhua (North Bulk) · China Manganese Ore Price Index. The aim of these initiatives is to offer a comprehensive, one-stop trading solution designed to enhance the supply chain and industrial chain value of the dual circulation industry. This move also aims at transforming Qinzhou, Guangxi into a key hub for cross-border commodity trading services facing ASEAN.

Forum Participants and Theme

The forum was organized under the theme, “Building a New Channel for China-ASEAN Bulk Commodities and Promoting the New Development of Domestic and International Dual Circulation”. The People’s Government of Qinzhou City hosted the forum, and the Management Committee of the Qinzhou Port Area of the China (Guangxi) Free Trade Experimental Zone organized it. The event attracted more than 200 participants, including representatives from various bulk commodity trading departments, commercial associations, research institutions, bulk commodity trading platforms, producers, and traders from China and several ASEAN countries.