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] 

Led by Zhejiang's "At Most One Visit" administrative initiative, which is aimed at cutting down excessive red tape, a series of reforms have been introduced to facilitate investment, trade, customs clearance, government management and legislative guarantees in the zone. 

In just two years, an oil and gas industrial cluster has emerged in Zhoushan. In 2018, the trade value of oil and gas products in the city hit 221.39 billion yuan ($33 billion) and the value of foreign trade reached 110 billion yuan.

People purchase goods at a mall selling imported commodities in Zhoushan, Zhejiang province, Jan 27, 2018. [Photo/IC] 

"Zhejiang FTZ will explore new institutions for the country's innovative work, establish platforms for further opening-up and seek development for the region," said an official of the zone's management committee. 

He said Zhejiang FTZ had established goals for high-quality development in 2019, including another 17 innovative institutions, trade value worth 260 billion yuan in oil and gas products and the supply of 4 million metric tons of bonded bunker fuel.