Shanghai Customs, COSCO SHIPPING and Shanghai International Port Group Signed a Strategic Cooperation Agreement on Building a Big Data Processing Platform for Cross-border Trade Management

      On the afternoon of January 18, 2018, Shanghai Customs, COSCO SHIPPING and Shanghai International Port Group held a signing ceremony for a strategic cooperation agreement on building a big data processing platform for cross-border trade management. Mr. Gao Rongkun, Head of Shanghai Customs, Capt. Xu Lirong, Chairman of COSCO SHIPPING, and Mr. Chen Xuyuan, Chairman of Shanghai International Port Group attended the ceremony. Deputy Head of Shanghai Customs Huang Yuming, Executive Vice President of COSCO SHIPPING Huang Xiaowen, and President of Shanghai International Port Group Yan Jun signed the agreement on behalf of the three parties.

Building a big data processing platform for cross-border trade management in Shanghai, a concrete practice to promote high-level opening-up, is critical for Shanghai to establish a new system for open economy, to create a legal, international, and convenient business environment and to develop new strategic advantages. Making use of big data, the Internet of Things (IoT) and block chain technology, the three sides will incorporate more trade, supply and logistics chain data into the platform and set new procedures of intelligent customs clearance for cross-border trade.

After the platform is completed, all relevant data, generated from foreign trade contract signing, space booking, shipment, delivery, arrival and cargo tallying, is planned to be transmitted to the platform. The electronic and video data, such as vessel, route, port rotation, booking, direction of goods flow and business objects, which were used internally by COSCO SHIPPING and Shanghai International Port Group, as well as the customs clearance status of Shanghai Customs will be interconnected to achieve information transparency and exchange.

      On this basis, the company’s authentic trade data and external data, such as bank information, will be verified through real-time comparison with the data declared to the customs, forming a complete information chain that covers the entire trade chain. In this way, the customs can punctually release qualified goods with open, transparent and verified data, minimize manual intervention while cracking down on and effectively supervising risky goods captured in data analysis.

Executives from the COSCO SHIPPING’s related divisions and subsidiaries were also present at the event.
 

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