China (Zhejiang) Pilot Free-Trade Zone marks the second anniversary of its establishment

2019-04-02 09:49:05 source: In Zhejiang; Editor: Yongliu HE


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China (Zhejiang) Pilot Free-Trade Zone (FTZ), a free-trade zone in Zhoushan, Zhejiang Province, marks the 2nd anniversary of its establishment on April 1, 2019.

 

Covering a total area of 119.95 square kilometers of land spaces and anchorage sea water, the zone consists of three primary sub-zones - Outlying Islands Zone, Northern Zhoushan Island Zone and Southern Zhoushan Island Zone.

 

Officially launched on April 1, 2017, the China (Zhejiang) Pilot Free-Trade Zone forms part of the third batch of government-endorsed pilot FTZs. The FTZ primarily focuses on trade of bulk commodity in eastern China such as petroleum and oil products.

 

Since its establishment, the FTZ has explored 59 institutional innovations, of which 23 were first-of-their-kind in China and six were replicated around the nation.


In line with the Overall Plan for the China (Zhejiang) Pilot FTZ, as approved by the State Council, 89 pilot tasks all have been launched, the effective implementation rate of which has reached above 90%, a total of 12,501 new enterprises have been registered, and 367 foreign-funded enterprises have been newly established, as of the end of February 2019.    

 

In 2018, the trade volume of oil products reached RMB 221.39 billion yuan. The bonded fuel oil supply reached 3.59 million tons, accounting for more than 30% of the nation’s total. The FTZ has become the largest bunkering port in China and ranked among the top ten bunkering ports in the world. The amount of cross-border Renminbi settlement reached 72.79 billion yuan, a year-on-year increase of 18-fold, hitting a record high. 


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