The actual use of foreign capital in the China (Zhejiang) Pilot Free Trade Zone stands at $213.79 million in the first nine months of this year, a 110.9 percent increase year-on-year. [Photo/WeChat account: china-zjftz]

The actual use of foreign capital in the China (Zhejiang) Pilot Free Trade Zone (FTZ) reached a record high in the first three quarters of this year with a value of $213.79 million, local media reported on Oct 30.

This is an increase of 110.9 percent year-on-year.

In addition, another 4,977 companies started operating in the Zhejiang FTZ during this period, more than a third of which are oil product companies.

The zone delivered 93.92 million metric tons of oil and natural gas, a year-on-year increase of more than 50 percent, while the loading and unloading of liquefied natural gas and the output value of industries above designated size in the Zhejiang FTZ registered more than 300 percent year-on-year increases.

Huang Xianhai, vice-president of Zhejiang University and chairman of the Zhejiang International Economy and Trade Institute, said that the expansion of the Zhejiang FTZ has strengthened Zhoushan's ties with Ningbo, Hangzhou, and Jinhua.

According to Huang, the Zhejiang FTZ plans to make its existing and expanded areas more complementary in an effort to make investment more convenient and liberalize trade in Zhoushan.

For example, by taking advantage of Zhoushan's marine economy and Hangzhou's digital economy, the Zhejiang FTZ will work to combine internet technology with international maritime services.