Service platform for regional economic cooperation China-SCO is presented in Moscow

At the Russian-Chinese business meeting "Deepening Pragmatic Cooperation and Building the Future of the Silk Road" in Moscow, a presentation of the Pilot Economic Cooperation Zone "China-SCO" was held.

Liu Jun, Envoy of the Chinese Embassy in Russia, said that trade and economic interaction between Shandong Province, where the zone is located, and Russia is developing dynamically.

"In 2023, the trade volume of this region with Russian partners reached 260 billion yuan (US$36 billion), which accounted for 15 per cent of the trade turnover between the countries. Qingdao city's trade volume also grew by 37 per cent," he explained.

"Through the One Belt, One Road initiative, we have been able to create a truly international zone. It allows us to speed up logistics, investment co-operation and cultural exchange. We have formed a hub that helps the development of both Shandong Province and China as a whole," said Zhang Xinzhu, a member of the Standing Committee of Qingdao Municipal Committee. He noted that business ties between SCO countries are getting bigger every year.

Chi Yongxin, director of the Pilot Zone Investment Promotion Bureau, introduced the service platform, which aims to solve problems in trade, customs control, logistics and finance between SCO countries. It includes eight core modules, including a single customs clearance window, cross-border procurement, building a complete logistics chain, a smart taxation mechanism, special financial services, and services in a full range of scenarios.

The event also saw the opening ceremonies of the operation centre in Russia the "Silk Road E-Commerce" Comprehensive Service Base and the Moscow branch of the Base for research and discussion of technical measures in trade between SCO countries.

In 2018, Chinese President Xi Jinping announced that China supports the establishment of the China-SCO Regional Trade and Economic Cooperation Pilot Zone in the port city of Qingdao, located in eastern Shandong Province.