It is understood that as the only one comprehensive mercantile exchange in the East China area to have been selected as a national pilot project of e-commerce transactions, Ningbo Bulk Commodity Mercantile Exchange has completed its 24-hour operating system and put it into operation, which has further promoted the seamless transformation of the e-commerce for bulk commodity trade. In last year, the exchange achieved an annual e-commerce transaction volume of 208.52 billion yuan.

In September 2012, the National Development and Reform Commission issued the "No.2218 and No.2219 High-tech" documents, and the "pilot project for bulk commodity e-commerce trade services" applied for by Ningbo Bulk Commodity Mercantile Exchange was approved. In the following year, the exchange made great efforts to develop the electronic warehouse receipt system and the 24-hour delivery system, and to gain the full realization of the e-commerce transaction of bulk commodities.

It is reported that there are two kinds of trade models in Ningbo Mercantile Exchange, namely, the spot deferred transaction mode and the auction bidding transaction mode, both of which aim to help enterprises concerned to improve the administration standard and reduce marketing costs by using the e-commerce tools.

By the end of 2013, the trade volume of the exchange had reached 208.58 billion yuan, and the settlement amount reached 86,400 tons.

In fact, the function of the e-commerce platform of Ningbo Mercantile Exchange has been escalating. The 24-hour delivery and application system was officially put into operation on January 6, which makes the exchange the first spot commodity exchange in China to realize the real-time delivery functions. The 24-hour declaration has become available. "With the system, the buyers and sellers can have access to such information as the delivery spot, warehouses and brands of the commodities and make choices for unconditional settlement. Together with the electronic warehouse receipt system, the enterprises can have initiative in delivery and settlement, which can greatly improve the transaction security and settlement efficiency, and reduce the logistics cost." said Zhu Jinxiang, General Manager of Ningbo Mercantile Exchange.

"The combination of bulk commodity trade and e-commerce transaction makes it possible to give full play to the guiding function of the market, and make China a trade center for bulk commodities with more 'China prices'. As a pilot city for e-commerce transaction, Ningbo should take the lead." said Chai Yueting, Deputy Director of the Institute of Automation Integrated System in Tsinghua Unviersity and Director of the Modern Logistics and E-commerce Institute of the National CIMS Engineering Technology Center.

distributed by