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Zhejiang strives for Zhoushan free trade port area

ezhejiang.gov.cn| Updated: September 12, 2016 L M S

A new free trade port area is to be established in Zhoushan, East China's Zhejiang province to explore how to promote free trade and global configuration of bulk commodity.

Zhoushan is a significant hub for river-ocean shipping as it lies at the intersection of the Yangtze River and ocean channels.

Marine resources in the city include deep water coastlines and ports. Zhoushan is home to Asia's largest transfer base of iron ore and commercial petroleum. It also plays and important role in the trade of chemicals, coal, grains and oil.

The marine industry in Zhoushan is very advanced and unique, supported by port logistics, a harbor industry, marine tourism and modern fisheries.

The Zhoushan government is working on exploring how to complete the establishment of Zhoushan free trade port area. The main idea is to promote the free trade of bulk commodities and improve the capacity of its global trade of bulk commodities. Learning from international experience and actively integrating into a new system of international trade are vital to create an international and market-oriented environment.

After several years of planning and trials, Zhoushan has prepared itself well for establishing a free trade port area in the aspect of boosting major projects.

There are seven international seaways going through sea areas in Zhoushan, which means refueling for ships is a big commercial opportunity. Supply of bonded fuel oil has become a breakthrough for this city and Zhoushan has pioneered several reforms on it.

The comprehensive bonded zone in Zhoushan Port has attracted 3,000 enterprises in three years. The total registered capital of these enterprises has reached 41.5 billion yuan ($6.2 billion).

Big projects associated with the free trade port area, include the establishment of green petrochemical bases.

With the free trade port area on the horizon, strategic investors are looking for projects at the port, as well as Chinese oil producer, Sinopec.