Abstract: China Railway Express adopts the combined transport bill of lading and takes it as the pledge of property right. There exist obvious legal defects in exchange settlement for letter of credit. China Railway Express deals in freight transportation by rail, which is in the jurisdiction of CIM. Therefore, China Railway Express should issue CIM waybill, which is a necessary document for the trains to run across European countries. According to international settlement practice,the duplicate of waybill and other documents can achieve the payment in advance. Bill of lading was used for carriage of goods by sea, which has been abandoned by the Rotterdam Rules. On the other hand,combined of transport bill of lading is also not exact in its legal concept in international convention. Bill of lading is not the transport documents set by CIM, thus it is obviously inappropriate to adopt bill of lading because it can't reflect the substantial traffic relation. Besides,there also exist legal defects in the effectiveness of property right of combined transport bill of lading issued in practice, which also is not the bill of lading accepted by Guaranty Law. Therefore, it will act against the principle of the pledge right law to take it as pledge of property right.

Key words: China Railway Express, CIM, CIM waybill, bill of lading, combined transport bill of lading