The State Council released a plan on expansion of the China (Zhejiang) Pilot Free Trade Zone on September 21, 2020. The expansion area of the Zhejiang FTZ (ZJFTZ) was officially launched on September 24.
The expansion area include three new regions with a total area of 119.5 square kilometers. They are the Ningbo region, Hangzhou region and Jinyi region. They will specialize in five sectors, namely a bulk commodity allocation base centered on oil and gas, a new-type international trade center, an international shipping and logistics hub, a digital economy development demonstration zone, and a cluster area for advanced manufacturing industries.
Each region has its own unique strength:
Ningbo region(46 square kilometers including the Ningbo Meishan Comprehensive Bonded Zone covering 5.69 square kilometers, the Ningbo Beilun Port Comprehensive Bonded Zone covering 2.99 square kilometers, and the Ningbo Bonded Zone covering 2.3 square kilometers): an international shipping hub, an international oil and gas resource allocation center, an international center for supply chain innovation, a global new material technology innovation center, and a smart manufacturing development demonstration zone.
Hangzhou region(37.51 square kilometers including the Hangzhou Comprehensive Bonded Zone covering 2.01 square kilometers): a pilot zone for the innovative development of artificial intelligence, a national pilot zone for the innovative development of financial technology, a cross-border e-commerce demonstration center, and a digital economy development demonstration zone.
Jinyi region(35.99 square kilometers including the Yiwu Comprehensive Bonded Zone covering 1.34 square kilometers and the Jinyi Comprehensive Bonded Zone covering 1.26 square kilometers): an international small commodity free trade center, a digital trade innovation center, an inland international logistics hub, a manufacturing innovation demonstration zone, and an important site for the Belt and Road Initiative.