China (Zhejiang) Pilot Free Trade Zone (FTZ) sees a rapid increase in paid-in foreign investment and cargo throughput in the first seven months of this year. [Photo/WeChat account: china-zjftz]

China (Zhejiang) Pilot Free Trade Zone (FTZ) saw a rapid increase in both paid-in foreign investment and cargo throughput in the first seven months of this year, local media reported on Aug 24.

Thanks to the favorable measures taken by the State Council and provincial government to support the open development of the oil and gas industry chain, Zhejiang FTZ gained another 1,338 oil product companies and utilized $105.31 million in foreign investment from January to July, a year-on-year increase of 117 percent.

This foreign capital was mainly used in the oil and gas industry chain, including oil storage and transport and refining-chemical integration.

Chen Yonghong, director of the FTZ division of the Department of Commerce of Zhejiang, said that both private and foreign-invested companies are encouraged to take part in oil and gas storage projects, and internationally-renowned companies are allowed to be part of refining-chemical integration projects.

Chen added that all the measures are aimed at improving the global reputation and competitiveness of Zhejiang FTZ.

The Zhejiang provincial government specified in July that by 2025 Zhejiang FTZ is expected to house more than 1,000 foreign-invested companies and another 50,000 companies in total, including 12,000 oil and gas companies.

Moreover, the foreign trade volume in the FTZ will increase to 350 billion yuan ($50.83 billion) and the oil product trade volume to 600 billion yuan by 2025.