The State Council approved the country's third batch of pilot FTZs in seven provinces, including Zhejiang, March 31, 2017. The China (Zhejiang) Pilot Free Trade Zone was officially launched on April 1. [Photo/IC]

The China (Zhejiang) Pilot Free Trade Zone (FTZ), located in the island city of Zhoushan, Zhejiang province, has made significant achievements since it was officially launched two years ago.

In that time, the zone started building an international oil trading center, a maritime service base, an oil storage and transport base, a petrochemical base and a demonstration area for the cross-border trade of bulk commodities. It has also achieved positive results in the development of the bonded bunker fuel business, foreign investment and the construction of liquefied natural gas facilities.

As China's only FTZ made up of both inland and anchorage areas, the Zhejiang FTZ has always put institutional innovation in the first place when striving to forge a demonstration area in the opening-up of ocean gateways, liberalization of trade in bulk commodities and global allocation of resources.

It has made 83 achievements in institutional innovation, 34 of which are national firsts, since the zone started operation on April 1, 2017.

An oil tanker from Singapore berths at Zhejiang FTZ to unload crude oil Feb 11, 2018. Developing an oil and gas industrial chain is one of the zone's main tasks. [Photo/IC]