The first pilot project of end-to-end interoperable trade digitalization with real transactions among China, Singapore, and the Middle East was successfully completed on March 11, 2025. This project was jointly promoted by the Office of the Leading Group for the Work of the China (Beijing) Pilot Free Trade Zone and the Integrated National Demonstration Zone for Opening Up the Services Sector (hereinafter referred to as the "Beijing 'Two Zones' Office") and Singapore's Infocomm Media Development Authority (IMDA).

The pilot project focused on two innovations in the core parts of the procedures concerning electronic transferable documents. The first was the development of a "blockchain-based certification + dual-platform verification" mechanism, which recorded the data hash values of 11 key nodes in the process of issuing, transferring, and clearing electronic bills of lading (eBLs). The second was the introduction of a model integrating "China-Singapore Cooperation" and "Middle East Application Scenarios", which enabled cross-border connectivity and secured sharing of 28 trade data items.

According to enterprises covered by the project, the tests have shown that the use of transferable documents supported by a distributed system improved the efficiency of cargo rights transfer by 80 percent and increased logistics traceability by 65 percent. The cross-border digital collaboration system also reduced compliance costs by 40 percent, shortened the eBL circulation time from seven days to eight hours, and achieved 100-percent visibility in goods-in-transit management, while improving customs clearance efficiency by 60 percent.

Moving forward, the Beijing "Two Zones" Office and Singapore's IMDA will continue to collaborate with all relevant parties to expand digital trade applications, deepen cooperation with other Belt and Road partner countries in terms of digital economy, and help build a more efficient and convenient international trade environment.

(Source: WeChat account "Open Beijing")