The China (Zhejiang) Pilot Free Trade Zone [Photo/WeChat account: china-zjftz]

The development of China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan was lauded by Provincial Governor Yuan Jiajun in his annual work report delivered at the opening ceremony of the second session of the 13th provincial people's congress on Jan 27 in Hangzhou.

Yuan reviewed last year's achievements in pushing forward the development of Zhejiang FTZ, noting that "Ningbo-Zhoushan Port ranked 1st worldwide in cargo throughput for the 10th consecutive year and rose to 3rd position globally in terms of container throughput."

He also highlighted the progress of Zhoushan's green petrochemical industry, the delivery of the first Boeing aircraft in the zone, the city's organizing of the 2nd International Petroleum and Natural Gas Enterprises Conference and the operation of the Yushan Bridge. 

Looking at the year ahead, Yuan stated the government's determination to vigorously drive the innovation of Zhejiang FTZ, with the main focus in building a whole oil & gas industrial chain in the zone.

Specifically, Zhejiang aims for the zone to hit 300 billion yuan ($44.43 billion) in bulk commodity transactions, 31 million cubic meters in oil storage capacity, 4 million metric tons in bonded fuel supply and 70 billion yuan in cross-border bulk commodity settlement, and to ensure the operation of the first phase of Zhoushan Green Petrochemical Base in 2019. 

To implement the national strategy of enhancing coordination in the Yangtze River Delta region, Zhejiang will enhance the development of Ningbo-Zhoushan Port and push forward the integration of Ningbo and Zhoushan. 

It will also strengthen the marine economy of the zone by driving the construction of the Zhoushan River-Sea Intermodal Transport Service Center and boosting the city's modern marine industries.