The world's first China-Europe Arctic container express route was officially launched Tuesday from the Ningbo-Zhoushan Port in east China's Zhejiang Province, with a cargo ship embarking on its inaugural voyage to the Felixstowe Port in Britain.
The cargo ship left the Chinese port at 04:30 Tuesday for Britain's largest container port of Felixstowe, after handling more than 1,000 standard containers.
The new route crosses directly to Europe via the Northeast Arctic passage, slashing the transit time from Zhoushan to Felixstowe to just 18 days. The route's maiden voyage is set to reach Felixstowe on October 10. This is significantly faster than China-Europe Express direct route (about 26 days), the China-Europe freight train (about 25 days), the Suez Canal route (about 40 days), and the Cape of Good Hope route (about 50 days).
According to the Ningbo Customs, the cargo on this voyage is valued at 1.4 billion yuan (about 190 million U.S. dollars), including clothing, energy storage cabinets, and power batteries.
"The main advantage of the China-Europe Arctic route is its shorter distance and sailing days, which can marginally reduce supply chain costs. We cam save the sailing days between China and Europe by more than 50 percent [compared with the past]," said Li Xiaobin, chief operating officer of the Sea Legend Shipping.
The route is also seen as a key achievement under the Belt and Road Initiative's "Ice Silk Road," which would provide faster and lower-carbon logistics options for industries, such as advanced manufacturing, cross-border e-commerce, and new energy.
"The operation of this route will further enhance the Ningbo-Zhoushan Port's position as an international hub. In the long run, it will also drive the diversified development of trade patterns and strengthen the resilience of international trading system in responding to risks," said Sun Xuejun, chairman of Zhejiang Seaport Logistics Group Co., Ltd.
An inauguration ceremony was held at the port on Monday to officially mark the launch of the new shipping route.
Zhejiang launches 1st China-Europe Arctic shipping route
Zhejiang launches 1st China-Europe Arctic shipping route
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
