China (Ningxia)-Mongolia bulk commodity cross-border transaction platform launched

Workers pack goji berry products at a goji berry processing company in Zhongning County, northwest China's Ningxia Hui Autonomous Region, July 2, 2021. (Xinhua/Yang Zhisen)

China (Ningxia)-Mongolia bulk commodity cross-border transaction platform was launched on Thursday, with the launching ceremony being held simultaneously in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region and Ulan Bator, Mongolia, reported chinanews.com.

The platform integrates online and offline transaction modes, and will provide comprehensive services for bullk commodity trade, such as international transportation, customs clearance, warehousing, legal service and insurance between Chinese and Mongolian enterprises, thus helping them reduce costs, increase orders, improve logistics efficiency, and shorten transaction cycle.

Upon operation, the platform will bring new opportunities for further deepening China-Mongolia economic ties. It will also serve as an important channel for Ningxia to engage in bulk commodity trade with Central Europe and countries involving in the Belt and Road Initiative (BRI).

In recent years, Ningxia has seen fast-growing trade with Mongolia. Commodities traded between the two sides cover resource-based products such as coal, wood, minerals as well as consumer goods such as clothing, shoes, hats, and food.