Recently, a pilot project for issuing negotiable cargo documents (NCDs) has completed full-process closed-loop testing, marking the launch of China's first "single-document multimodal transport" model for the China-Europe freight train service in Changsha. The pilot project was coordinated by the Changsha Logistics and Port Office, led by the Central South China International Land Port, and jointly implemented by the China Merchants Bank and the Hunan Pilot International Trade Co., Ltd.

The United Nations General Assembly adopted the United Nations Convention on Negotiable Cargo Documents on December 15, marking the official birth of a new type of document of title—NCDs. The convention was initially proposed by China's Ministry of Commerce in 2019, with the China Merchants Group participating throughout its formulation. For the first time, the convention extends the applicability of negotiable documents from traditional maritime transport to all modes of transport, providing institutional support for the development of international multimodal transport.

As the country's first pilot project for issuing NCDs, the China-Europe (Changsha) freight train service has innovatively introduced the "single-document multimodal transport" model, effectively addressing the problem facing the industry that railway waybills cannot serve as documents of title. During the trial phase, the Hunan-based enterprise Hunan Pilot International Trade Co., Ltd. conducted grain import transactions using NCDs, successfully achieving full-process closed-loop operations covering transport, delivery, and financing, thereby solving the "last mile" problem of international trade.

Compared to traditional models, NCDs possess clear attributes of property rights, allowing enterprises to use the documents to control and take delivery of the goods. This significantly enhances supply chain controllability and trade flexibility. Banks can also provide financing services such as letters of credit to enterprises based on these documents, effectively mobilizing in-transit cargo assets and helping enterprises reduce overall logistics and financing costs.

责编：黄思婷

一审：黄思婷

二审：王柯沣

三审：秦慧英

来源：湖南省政府门户网