Big money rolls into Zhejiang FTZ from across the world

Innovative achievements 

Zhejiang FTZ has taken further steps in system innovation. Currently, the FTZ has made 83 achievements in this regard. Some of the practices have then been promoted elsewhere by the State Council. 

Last October, led by China Zheshang Bank, China's first bulk warehouse financial service provider in a free trade zone was founded in the Zhejiang FTZ. It is expected to upgrade the bulk commodity trading services provided in the FTZ. 

Aiming to become a significant delivery point for crude oil futures and fuel oil futures, the FTZ has made great achievements since a crude oil futures contract began trading in China last March. 

On March 7, the first crude oil future delivery was completed in Zhoushan. After the 380 bonded fuel oil futures contracts were listed and traded last July at Shanghai Future Exchange, Zhoushan made its first future delivery of 48,000 tons of 380 bonded fuel oil futures. 

Pierre Lever, CEO of Argus Asia, said that Zhoushan is close to main shipping routes with a great number of marine fuel suppliers which gives the region a high level of service and competitive price. He added that the FTZ is especially suitable to the marine fuel industry. 

Low carbonization and clean energy are global trends for energy consumption as the proportion of fossil energy, such as coal, continues to drop. The Zhejiang FTZ is meeting the trend as the region is speeding up a three-year action plan to supply low sulfur marine fuel oil. 

The FTZ has also strived to develop the liquefied natural gas - or LNG - industry. ENN Zhoushan, which is China's first privately owned LNG import terminal, began operating last year. It is expected to become the biggest receiving and filling station in eastern China with a 10 million tons annual capacity.