Zhejiang FTZ reaps reform dividends

The Zhejiang FTZ in Zhoushan has been reaping dividends from its continuous reform efforts, as shown by the recently released official statistics.

In the first five months of this year, bunker fuel oil supply volume, cross-border RMB settlement volume, and oil trade volume had all achieved rapid growth in the FTZ.

In the past, domestic refined fuel oil had to be exported and then imported before it was turned into bonded oil. This year, the FTZ issued a new regulatory policy, which has greatly simplified the process.

According to Wang Hui, a staff member at Sinochem Xingzhong Oil Staging (Zhoushan) Co Ltd, the nature of oil can now be transformed in the same tank after relevant custom formalities were completed, which has helped companies save a lot of time.

Driven by favorable policies, the supply of bunker fuel oil in the FTZ exceeded 1.7 million tons in the first five months of this year, up 12.6 percent year-on-year.

In terms of cross-border RMB settlement, oil trading enterprises in the zone no longer need to provide bills, such as contract invoices and customs declaration for international business settlement, while the processing time has been shortened to a few minutes from two to three days.