The first one-stop economic, trade service platform was launched recently in the China-Shanghai Cooperation Organization (SCO) Demonstration Zone for Local Economic and Trade Cooperation in Qingdao.

Representatives from government departments and companies attend a launch ceremony for the comprehensive service platform on Nov 25. [Photo provided to chinadaily.com.cn]

The comprehensive service platform is designed to promote economic collaboration with SCO members. It aims to build an economic and trade information service center and data exchange center between China and the SCO countries, provide a model for the opening-up and integration of economies and trade among SCO countries, and promote trade and investment facilitation.

Operated by the China International Trade Single Window, the comprehensive service platform will help promote the orderly flow and efficient allocation of various resources and factors among China and SCO countries and become a "digital Silk Road" that serves open and integrated trade among the SCO regions.

Economic and trade cooperation between China and SCO countries has huge potential and broad prospects, said industry experts.

According to official statistics, China's trade volume with SCO member states stood at $12 billion in 2001 and the figure reached $245 billion in 2020, a 20-fold increase in the past 20 years.

The comprehensive service platform is designed to promote economic collaboration with SCO members. [Photo provided to chinadaily.com.cn]

In Shandong province, the number of enterprises engaged in economic and trade exchanges with SCO countries exceeds 30,000, among them, 6,430 are located in Qingdao, with annual trade volume exceeding 80 billion yuan ($11.12 billion).

The two-way investment between the Qingdao SCO demonstration zone and SCO countries increased from $400,000 in 2020 to $22.68 million last year, while trade volume increased from 850 million yuan in 2019 to 4 billion yuan last year.