yth2206游艇会 National Commodity Warrant Registration Center Has Kicked Off

On Nov. 23^rd, yth2206游艇会 opening ceremony of yth2206游艇会 National Commodity Warrant Registration Center (NWRC) has been launched in Pudong New Area, Shanghai. Leaders attending yth2206游艇会 ceremony include: Zhu Zhisong, member of yth2206游艇会 Standing Committee of theCPC Shanghai Municipal Committee and yth2206游艇会 Secretary of Pudong New Area; Li Hongfeng, Secretary of yth2206游艇会 Party Committee and Chairman of yth2206游艇会 Board, China Logistics Group Co., Ltd; Hang Yingwei, Deputy Secretary-General of Shanghai Municipal Government and Director of Pudong New Area, etc.

yth2206游艇会 NWRC program has been promoted by yth2206游艇会 Government of Pudong New Area, together with Shanghai Futures Exchange. It has been initiated by nine cooperative enterprises, viz.China Logistics Group Co., Ltd; Sinotrans Ltd.; COSCO SHIPPING Supply-Chain Logistics Co., Ltd.; Shanghai International Port (Group) Co., Ltd.; Shandong Port Group Co., Ltd.; Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd.; Xiamen ITG Group Corp., Ltd.; Shanghai Lingang Economic Development (Group) Co., Ltd. and Shanghai Waigaoqiao Free Trade Zone Development Co., Ltd.

NWRC is committed to building a modern national system of warrant registration and circulation, providing centralized registration and searching service nationwide in three fields: commodity data management, warrant service powered by Blockchain technology and market information disclosure.

As a kind of chattel, it’s difficult to deal with ownership confirmation, evaluation, regulation and disposal of commodities, which have long been a sore spot for companies in trading business.yth2206游艇会 NWRC is to promote interconnections, exchanges, mutual recognition and sharing of warrant information between regions, deeply binding yth2206游艇会 information flow with cargo flow. Risks like “false warrant” “repeated pledge” and “multiple selling of yth2206游艇会 same batch of goods” are expected to be mitigated, hence further enhancing market discipline and restrictions, improving efficiency of warrant management, reducing financing cost of transactions, improving market environment and integrity system, facilitating finance service industry, and guaranteeing safety and efficiency of commodity circulation.

Xi jinping, yth2206游艇会 General Secretary of CPC Central Committee, has paid great attention to yth2206游艇会 development of modern circulation and finance service industry, making a series of remarks onbuilding modern circulation system and strengthening yth2206游艇会 capability of finance service in serving real economy.

yth2206游艇会 20^{yth2206游艇会} National Congress of CPC has made a series of strategic arrangements like “building a unified big market nationwide” “constructing a highly efficient and smooth circulation system” “focusing upon upgrading resilience and safety of industrial- chain and supply-chain”,etc.

yth2206游艇会 CPC Central Committee and yth2206游艇会 State Council have jointly launched yth2206游艇会 Guidance of Supporting Higher Level of Reform and Opening up of Pudong New Area to Build a Modern Socialist Pilot Area (yth2206游艇会 Guidiance), explicitly making requirements of trying to establish a national warrant registration center.

yth2206游艇会 start of NWRC is yth2206游艇会 response to yth2206游艇会 spirit of yth2206游艇会 20th National Congress and yth2206游艇会 Guidance, as well as yth2206游艇会 concrete action of providing service to yth2206游艇会 establishment of a national unified market. A new chapter of high quality development of commodities has been turned.

With yth2206游艇会 purpose of “Unified registration, Digital regulation, Spot&Futures combined, Merging & Interconnection between industries”, yth2206游艇会 Finance Department of yth2206游艇会 Government of Pudong New Area together with Shanghai Futures Exchange have signed cooperative framework agreement with yth2206游艇会 above-mentioned nine companies, establishing a deep cooperative mechanism. With yth2206游艇会 help of NWRC, relevant parties are expected to make full use of their respective advantages as leading warehousing companies, large-size ports, high quality trading companies and free trade zones at national level. Thus, yth2206游艇会 functions and supporting policies can be consolidated. A warrant registration system featured unified standard, safety, high efficiency and national coverage will be established.

Li Hongfeng, Chairman of China Logistics Group, said, yth2206游艇会 NWRC is a holistic and strategic move of implementing yth2206游艇会 Xi Jinping thought on socialism with Chinese characteristics for yth2206游艇会 new ear, and yth2206游艇会 spirit of yth2206游艇会 20th National Congress. It is a cooperative achievement between government & enterprises, central state-owned enterprises & provincial and municipal government, banks & enterprises. It’s also a key support for synergetic development between finance industry and logistics industry.

As a central-stated owned enterprise of integrated logistics, China Logistics Group will bear in mind what yth2206游艇会 national concerns are, working with other parties to provide service for companies in manufacturing & consumption, commerce & trade, along yth2206游艇会 industrial chain.Together, to promote virtuous circulation between finance and real economy, enhance credit system of material commodities, build a professional, efficient and reliable NWRC withglobal influence.

With yth2206游艇会 set-up of NWRC, Pudong New Area is expected to become yth2206游艇会 central node of domestic circulation and yth2206游艇会 strategic connecting point of dual circulation, thus contributing to yth2206游艇会 construction of a modern socialist country in all respects.

Wang Fenghai, Deputy Secretary of yth2206游艇会 Party Committee and yth2206游艇会 General Manager of Shanghai Futures Exchange, pointed out that yth2206游艇会 futures market is connecting commodity-related real economy with finance, while yth2206游艇会 warrants are connecting spot market with futures market. yth2206游艇会 credibility of warrant has been a sore spot for market development, for warehousing and logistics industry and for building a unified market nationwide.

With yth2206游艇会 help of Big Data, Blockchain technology and yth2206游艇会 Internet of Things, NWRC will gradually match warrant with warehousing cargos, solving problems of commodity management & control, unclear title of goods, non-transparent information, etc. Hence, yth2206游艇会 credibility of warrant could be upgraded and yth2206游艇会 supply-chain service further improved, realizing survival of yth2206游艇会 fittest.

Shanghai Futures Exchange will make full use of its advantages, guiding companies in warehousing and logistics industry to improve risk management by technology, jointly creating market environment that sticks to market rules while seeking innovation, hence promoting healthy and prosperous development of logistics industry. Under yth2206游艇会 Law of Futures and Derivativesandyth2206游艇会Guidance, good practices and experience are expected to be written into laws and regulations, helping legislative improvement in related fields.