The China (Zhejiang) Pilot Free Trade Zone is set to ramp up efforts to develop its oil and gas industry during the 14th Five-Year Plan period (2021-25). [Photo/WeChat account: china-zjftz]

The China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, will focus on developing its oil and gas industry during the 14th Five-Year Plan period (2021-25), according to Chen Huaqing, director of the policy and regulation bureau of the Zhejiang FTZ.

Chen said that the FTZ will work to make about 40 institutional innovations per year, particularly institutional reforms in oil product storage, by learning from the advanced knowledge of Japan and South Korea.

The Zhejiang FTZ will also strive to make significant progress in the construction of an international oil product trading center, an international maritime service base, an international oil product storage and transportation base, an international petrochemical base, and a demonstration zone for the internationalization of the renminbi in bulk commodity cross-border trade over the next five years.

It will also work to strengthen cooperation with Yangtze River Delta cities. It will work with Ningbo to construct a worldwide bulk commodity allocation base and work with Hangzhou to become more digitalized.

The Zhejiang FTZ will also aim to become a free trade port and will promote free oil and gas trade and investment during the 14th Five-Year Plan period.