A news conference to celebrate the third anniversary of the China (Zhejiang) Pilot Free Trade Zone (FTZ) was held on April 3 in Hangzhou. The zon's top 10 achievements over the past three years were announced.

The achievements are: significantly promoting oil trade transaction system reform, gaining the first license in China for a non-State-owned company to import refined oil, building a hub for bunker fuel supply in Northeast Asia, an international eco-friendly petrochemical base, a demonstration zone for RMB settlement of cross-border commodities trade, coordinated innovation zones, advancing the construction of an international oil and gas storage and transport center, facilitating international cooperation on development of an oil and gas industrial chain, creating the nation's best ports customs clearance environment, and being the first zone in China to establish an international-standard comprehensive maritime services regulatory system. 

In terms of promoting oil trade transaction system reform, the zone is the first in China to fully open up its bonded oil business and has become the nation's first and the world's eighth bunkering port.

The zone has also made 116 system innovation achievements over the past three years, 27 of which have been promoted nationwide.

The zone was established in Zhoushan, Zhejiang province, on April 1, 2017.

The Ministry of Commerce recently announced 26 measures to foster the opening-up of the oil and gas industrial chain in Zhejiang FTZ, including introducing international strategic investors in the oil trade, accelerating the transformation and upgrading of the petrochemical and refining industry, and enhancing the market-oriented allocation capability in oil circulation.

"Zhejiang FTZ is the first FTZ in China to have gained State support for the development of an industrial chain," said an official from the provincial FTZ authorities.