Zhoushan to make most of Zhejiang FTZ expansion

"Zhoushan will work together with the Ningbo, Hangzhou and Jinyi areas of China (Zhejiang) Pilot Free Trade Zone (FTZ) in order to promote the zone's high-quality development," said Hu Chaolin, deputy director of the policies and regulations bureau of Zhejiang FTZ, in an interview with local media on Sept 25.

On Sept 21, it was announced by the State Council that three areas – the Ningbo, Hangzhou and Jinyi areas – will be added to Zhejiang FTZ.

In Hu's opinion, the expansion of Zhejiang FTZ indicates the positive view the central government has on the zone.

Since its inauguration in 2017, Zhejiang FTZ has been working to facilitate the investment and trade of bulk commodities, mainly oil and gas, and has made remarkable achievements in financial innovation and improving its business environment.

Zhoushan will take full advantage of the expansion to better allocate bulk commodities worldwide, according to Hu.

The city will strive to attract Fortune Global 500 companies, top 500 Chinese companies and headquarter companies and promote the construction of key projects involving oil and gas trade, storage, logistics and processing.

Hu added that Zhoushan will cooperate with the three new areas in talent, technology, and capital, establish a global allocation base of bulk commodities with Ningbo, and create an online marine service platform with the assistance of Hangzhou.