Shanghai has unveiled plans to optimize international trade by 2025, focusing on improving logistics and adopting blockchain technology.
Shanghai's Trade Optimization Initiatives
On June 27, Shanghai announced plans to optimize international trade through blockchain adoption. The initiative is coordinated by the Shanghai Municipal Commission of Commerce and local authorities. Key aspects include improving infrastructure and aligning with international standards, with a focus on electronic documentation reforms.
Blockchain in Logistics
The adoption of blockchain is expected to enhance logistics efficiency, reduce costs, and accelerate port turnaround times. It aims to improve data security, ensuring more reliable trade documentation in international trade.
Impact on Global Trade Processes
Expected changes include increased logistics efficiency and improved coordination between customs and local authorities. The Shanghai Customs initiatives propose 33 measures aimed at enhancing the quality and efficiency of cross-border logistics, potentially setting new benchmarks for similar programs worldwide.
Shanghai's initiatives to integrate blockchain into international trade aim to create more efficient and secure logistics processes, potentially impacting global trade significantly.
