The city of Zhoushan, Zhejiang province will be getting a free trade zone as a pilot project, the Xinhua News Agency has reported, based on an interview with Gao Hucheng, China’s Commerce Minister, who added that China will newly have a total of seven of these pilot zones.

Gao says the decision comes from the Central Party Committee and the State Council, which consider a core on institutional innovation, with each zone developing its own distinct pattern and focus for further reforms and opening up.

In Zhejiang’s case, it will promote trade liberalization of bulk stock and look for ways to improve its global allocations via the pilot zone.