The Guangzhou Chemical Trading Center, the first Comprehensive E-commerce Platform of the chemical industry in South China was officially initiated in Huangpu on March 31st. The launch of the Platform would bring a new market economy philosophy to the chemical industry and finally establish the "Guangzhou Price" in the chemical sector.

The Guangzhou Chemical Trading Center was established upon the approval of the Guangzhou Economic and Trade Commission, which was a joint venture controlled by the Guangzhou Chemical Industrial Group. It has three "Troubleless Deals", i.e., listed spot deals, bidding deals and medium and long range spot deals. The Platform has three major functions. First, it works for deal matching to provide convenience for both sides of the agreement. Second, it works as a price guidance center with the latest deal prices for a product as the latest guidance prices of the industry. To some extent, it would become a regional "pricing center" for spot deals. Third, it can release in a timely manner information related to transactions.

Guangzhou Chemical Trading Center was the first trading center in China to have all of its trading funds entrusted with a third-party bank. It entered into a Bank-Enterprise Network Agreement with the Industrial and Commercial Bank of China (ICBC). With permission from the dealers, both the Guangzhou Chemical Trading Center and the ICBC have no rights to use the funds of the dealers so as to completely ensure the absolute security of the trading funds.

Source: english.gz.gov.cn

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