China (Zhejiang) Pilot Free Trade Zone

Updated: Dec 20, 2018 govt.chinadaily.com.cn Print

China (Zhejiang) Pilot Free Trade Zone, is the only free trade zone consisting of land and sea anchorage space in China. It covers a total area of 119.95 square kilometers, and consists of three areas, Offshore Island Area of Zhoushan Island, North Area of Zhoushan Island and South Area of Zhoushan Island. It intends to become an important demonstration area of open sea portal in eastern China, a pilot area of international commodity trade liberalization and a resource allocation base with international influence.

Offshore Island Area of Zhoushan Island, covering the area of 78.98 km sq , focuses on the development of green petrochemicals, commodity storage, transit, trade industry and bonded fuel supply services.

North Area of Zhoushan Island focused on developing commodity trading and the aviation industry, bonded logistics of petroleum and petrochemical supporting equipment, the manufacturing industry and bonded fuel supply services.

South Area of Zhoushan Island pays more attention to the development of commodity trading, aviation industry, parts logistics, manufacturing and R&D and design industries, it is also the key part of the Zhejiang FTZ to develop aquatic products trade, marine tourism, seawater utilization, modern commerce and trade, and financial services, shipping, information consulting and high-end technology industry.

Advantage

Zhejiang FTZ has advantage in four aspects.

The first advantage of Zhejiang FTZ is the location. As a part of the Yangtze River Delta which is one of the most developed areas in China and the nearest place to Shanghai, Zhejiang enjoy enormous opportunities and benefits.

Secondly, Zhejiang FTZ has matured industrial clusters. The regional industrial areas of Zhejiang, being the first and largest in China, have enormous supplies of well-educated and well-trained workers.

Thirdly, Zhejiang FTZ has adopted many policies to simplify administration. For example, it upgraded the self-service tax terminals of national tax and local tax in FTA, so that any self-service tax terminal can also handle national tax. It also supports small companies in obtaining online credit loans based on tax credit to solve their financing problem through a Financial Service Platform for Small and Micro Enterprises.

Lastly, Zhejiang FTZ also has an excellent ecological environment, with 16 natural reserves at the national level and 83 forest parks at provincial level, established throughout the province. Zhejiang Province has one of the largest numbers of forest parks in the nation.

Goal

By 2020, Zhejiang FTZ will store 40 million tons of oil products and 15 million tons of iron ore, Its annual supply capacity of petroleum refining and bonded fuel will reach 40 million tons and 5 million tons respectively. A total of 30,000 new registered enterprises will be added, including 200 well-known international and domestic enterprises; more than 3 billion US dollars in foreign investment will be introduced by contracts, as will more than 1.5 billion US dollars in foreign investment.

Chinese Official Website: china-zsftz.gov.cn

 

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