Formerly the China (Zhejiang) Pilot Free Trade Zone, the China (Zhejiang) FTZ, launched on April 1, is going to take a leading role in facilitating the oil trade according to a provincial government statement.

Liang Liming, vice governor of the province, said that by building the zone into a demonstration area  in opening-up of ocean gateways, trade liberalization of bulk commodities and global allocations of resources, Zhejiang will put the oil trade in a prominent position.

The island city of Zhoushan, where the China (Zhejiang) FTZ is located, is an important base for oil import and storage in China; half of China's imported crude oil passes through Zhoushan customs. The city has a comprehensive plan to complete the oil industrial chain including oil storage and refining.

Ying Zhongmin, deputy director of the Zhoushan Development and Reform Commission, stressed that the free trade zone is expected to be a driving force in the development of the oil trade, which is a key part of the industrial chain. "The development of the oil trade will add great value to the oil industry in Zhoushan. In the future, we'll approve several companies to do crude oil transactions, which will create a breakthrough," said Ying.

Simplification of administrative approvals will be a priority for the local government in boosting the oil trade. Ying said the zone is making efforts to cut unnecessary administrative procedures, to optimize internal structures and to take advantage of online platforms. 

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