The China (Zhejiang) Pilot Free Trade Zone (FTZ) now includes three more areas –Ningbo, Hangzhou and Jinyi areas which cover a total area of 119.5 square kilometers. [Photo/WeChat account: china-zjftz]

Three more areas will be included as part of the China (Zhejiang) Pilot Free Trade Zone (FTZ), according to a work plan released by the State Council on Sept 21.

The three new areas are Ningbo, Hangzhou and Jinyi areas and cover a total area of 119.5 square kilometers.

The Ningbo area includes the Meishan Comprehensive Bonded Zone, the Beilun Port Comprehensive Bonded Zone, and the Ningbo Bonded Zone. It will focus on the shipping industry, oil and gas allocation, supply chain innovation, new material sci-tech innovation, and intelligent manufacturing.

The Hangzhou area includes the Hangzhou Comprehensive Bonded Zone and is expected to focus on new-generation artificial intelligence, financial technology, cross-border e-commerce, and digital economy.

The Jinyi area includes the Yiwu Comprehensive Bonded Zone and the Jinyi Comprehensive Bonded Zone. It will focus on free trade in small commodities, digital trade, international logistics, and cooperation with countries involved in the Belt and Road Initiative.

By 2025, the Zhejiang FTZ is expected to have the best business environment in the country, its ability to allocate gas and oil resources around the world is expected to be greatly improved, and its status as an international shipping and logistics hubs will be further enhanced.

By 2035, the Zhejiang FTZ will offer a more free trade and investment environment, and a new international trade center will be constructed. It will also become a hub of innovative high-end manufacturing and international economic exchange.

After the expansion, the Zhejiang FTZ will focus on five major items: commodity allocation centering on oil and gas, international trade, international shipping and logistics, the digital economy, and advanced manufacturing.