Multiple gantry cranes are in operation at the Ningbo Zhoushan Port, in East China's Zhejiang province. [Photo/VCG]

On Nov 13, the State Council approved the establishment of China's first national hub for major commodity resource allocation in the China Zhejiang Pilot Free Trade Zone.

With a focus on institutional innovation, the hub aims to align with international trade standards and will simplify and liberalize investment and trade in major commodities.

The China Zhejiang Pilot Free Trade Zone, now an experimental platform for these critical reforms, will play a key role in enhancing China's commodity resource distribution capabilities.

"This groundbreaking initiative is centered on building a full industrial chain for major commodities, which is an important mission for Zhejiang," said an official from the Zhejiang Department of Commerce.

The province plans to enhance the storage, processing, trading, and transportation capacities of commodities, particularly in oil and gas, positioning Zhejiang as a leader in the commodity supply chain.

In recent years, Zhejiang has spearheaded 125 innovations in commodity regulation, 32 of which have been adopted nationwide.