THE polar Silk Road has recently gained renewed attention following its rapid growth in supporting regional economy and securing energy supplies amid volatility throughout global supply chains posed by an ongoing pandemic in many parts of the world, claims Beijing's Global Times.
'During the recent 2021 Arctic Circle Assembly hosted in Iceland, the Polar Silk Road, proposed by leaders of China and Russia in 2017, came under the spotlight as the melting of Arctic sea ice has made it possible for merchant ships to navigate the Arctic Ocean, greatly shortening shipping lanes connecting Asia and Europe and even North America,' said its report.
Participants at the assembly said opening the Arctic route will promote the overall growth of the economy in the region and the global trade and shipping pattern will undergo major changes.
'Experts said that the Polar Silk Road will be an important direction for exploration as part of the Belt and Road Initiative (BRI),' said the report.
The Polar Silk Road is a relatively new concept that has provided an alternative for global shipping companies, especially after the unprecedented chaos seen in the Suez Canal caused by a stranded cargo ship and global logistic hurdles posed by port congestion, Song Kui, the president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times.
Under normal circumstances, the East Asia-Europe route needs to pass through the Suez Canal and the Strait of Malacca, a significant detour.
But taking the route from Shanghai to Murmansk in Russia, means by crossing the Arctic waterway, the total voyage can be shortened by nearly half compared with traditional routes, taking about 15 days less time, and save 20 per cent of fuel, Wu Minghua, a veteran industry analyst, told the Global Times.
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'During the recent 2021 Arctic Circle Assembly hosted in Iceland, the Polar Silk Road, proposed by leaders of China and Russia in 2017, came under the spotlight as the melting of Arctic sea ice has made it possible for merchant ships to navigate the Arctic Ocean, greatly shortening shipping lanes connecting Asia and Europe and even North America,' said its report.
Participants at the assembly said opening the Arctic route will promote the overall growth of the economy in the region and the global trade and shipping pattern will undergo major changes.
'Experts said that the Polar Silk Road will be an important direction for exploration as part of the Belt and Road Initiative (BRI),' said the report.
The Polar Silk Road is a relatively new concept that has provided an alternative for global shipping companies, especially after the unprecedented chaos seen in the Suez Canal caused by a stranded cargo ship and global logistic hurdles posed by port congestion, Song Kui, the president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times.
Under normal circumstances, the East Asia-Europe route needs to pass through the Suez Canal and the Strait of Malacca, a significant detour.
But taking the route from Shanghai to Murmansk in Russia, means by crossing the Arctic waterway, the total voyage can be shortened by nearly half compared with traditional routes, taking about 15 days less time, and save 20 per cent of fuel, Wu Minghua, a veteran industry analyst, told the Global Times.
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