The unified trading portal for public resources of the Yangtze River Delta region is a vital achievement in the integrated development of the Yangtze River Delta. [Photo/Shanghai Observer]
The unified trading portal for public resources of the Yangtze River Delta region was put into use on May 15, with more than 300,000 enterprises registering.
A vital achievement in the integrated development of the Yangtze River Delta, the trading portal aims to empower governance through digital and networked means, speed up the formation of a large market, as well as improve the efficiency of factor flows in the region.
The trading volume of public resources in the Yangtze River Delta accounts for about one-fourth of the total in China. Shanghai and the Yangtze River Delta region have consistently been at the forefront in reforming trading platforms. In August 2022, three provinces in the region and Shanghai signed a cooperation agreement to boost the integrated development of public resource trading, which clarified eight cooperation tasks.
Over the past year, a number of fruitful results have been achieved. For example, the long-distance bid evaluation system has been carried out in cities including Shanghai, Suzhou, Wuxi, Nantong, Jiaxing, and Hefei. In addition, the Rules of the Public Resource Trading System in the Yangtze River Delta and Data Standardization have promoted inter-connectivity and data sharing.
"The establishment of the unified portal is conducive to enhancing the flow and efficient allocation of various types of public resources and accelerating the formation of a trading market in the region," said Wang Ying, director of market research at the Shanghai Public Resource Trading Center.
Since its trial operation in October 2022, the trading portal has published more than 410,000 pieces of information and registered more than 300,000 market entities, with over 2,900 transactions in green development.
Other ongoing projects include the standardization of institutional standards, the sharing and application of expert resources, the cross-provincial recognition of digital certificates, as well as the development of mechanisms for collecting and sharing credit information, according to the Shanghai Development and Reform Commission.
Pioneer in reform
Public resource trading involves projects in government procurement, drug purchasing, and engineering construction.
In May 2020, Shanghai led the "One Website Transaction" reform of public resources, reducing institutional costs and improving factor allocation efficiency, which supported the later integration of public resource trading in the Yangtze River Delta. The annual transaction scale of public resources exceeded 1 trillion yuan ($142.86 billion) in 2021 and reached a record high of 1.3 trillion yuan in 2022.
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