Zhejiang spotlights 10 milestone events for FTZ development
A container ship anchors at Ningbo-Zhoushan Port in Zhejiang, waiting to be unloaded. [Photo by Yao Feng/For China Daily]
Zhejiang authorities released 10 milestone events that took place over the past two months in the China (Zhejiang) Pilot Free Trade Zone at a news conference on March 30. The 10 events were as follows.
1. China's first case of financing based on pledges of vouchers for bonded petroleum warehouses
Zhejiang Seaport International Trading Co received a loan of $500,000 from the Zhoushan branch of the Bank of China on a pledge of its 1,000-metric-ton voucher for bonded petroleum warehouses, a new attempt by oil trading enterprises to obtain financing.
2. Zhejiang's first business license for international express delivery
The Zhejiang Provincial Postal Administration awarded a business license for international express delivery to an e-commerce company based in the Ningbo area of the China (Zhejiang) Pilot Free Trade Zone.
3. East China's first private company with the qualification to own named warehouse of delivery for crude oil futures
A Zhoushan-based petroleum reserve company controlled by Wanxiang Group became the first private company with the qualification in East China.
4. Zhejiang's first legal court dedicated to handling finance and bankruptcy cases
Futian Finance Legal Court, affiliated to Yiwu People's Court, was established to handle finance and bankruptcy cases in the Yiwu area of the China (Zhejiang) Pilot Free Trade Zone.
5. Zhoushan and Shanghai signed an agreement on integrated supply of bonded marine fuels
According to the agreement, the two cities will mutually recognize their separate procedures for registration and market regulation for the supply of bonded marine fuels.
6. Zhejiang's first supervision system for the credit of e-commerce platforms
The Jinhua and Yiwu area of the China (Zhejiang) Pilot Free Trade Zone launched the system to publish the credit rating of e-commerce platforms to strengthen regulation on these enterprises and to ensure fair market competition.
7. China's first multi-functional maritime service vessel
The vessel, made in Zhoushan, measures 35.4 meters and has a cargo capacity of 95 metric tons.
8. The Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone launched bonded processing business for imported raw materials of coffee
Starting from February, Chinese consumers could place such orders through cross-border e-commerce platforms and receive finished coffee products in Hangzhou on the next day.
9. An upgraded "rail-sea combined transport" in the Jinhua and Yiwu area of the China (Zhejiang) Pilot Free Trade Zone
Since January, the operation frequency for the Yiwu CMA-CGM Block Train for Rail-Sea Combined Transport has been raised to once per week. As a result, the area's TEUs handled via rail-sea combined transport rose by 43 percent year-on-year over the first two months of this year.
10. A new solution offered by the Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone to facilitate financing for tech-based companies
To date, 5,036 companies and six banks in Hangzhou's Binjiang district have participated in the "corporate innovation credit" program, in which high-tech companies are rated on their innovation ability and are awarded the corresponding line of credit from banks.