Jinyi Comprehensive Bonded Zone. [Photo/zjol.com.cn]
More than 80,000 aluminum pots with a value of 2.94 million yuan ($425,814) were declared at the Jinyi Comprehensive Bonded Zone in Jinhua, East China's Zhejiang province, on Aug 30, which will be shipped to Nigeria by sea on Sept 2.
This batch of products will be used to change import of Nigeria's aluminum ingots to be categorized as new-type barter trade, according to officials. It is the first time such a trade model has been carried out in the Jinyi Comprehensive Free Trade Zone.
Bartering refers to business by which goods or services are directly exchanged for other goods or services without using money. That is, the goods are exchanged after valuing, so as to supplement the trade with insufficient cash exchange. Based on the unique technology and platform advantages of the internet, new-type barter trade allows for the smooth operation of global trade.
Officials said that bartering is a good way to move surplus inventories, attract new customers and increase sales in order to promote trade between China and countries involved in the Belt and Road Initiative.
In recent years, the Jinyi Comprehensive Free Trade Zone has implemented the relevant requirements of the State Council on supporting the construction of a barter trade service platform and exploring a new barter trade model linking small commodity trade and bulk commodity trade and expanding cross-border renminbi settlement channels.
