The cross-border renminbi settlement of Zhejiang FTZ's Zhoushan area totals 104.8 billion yuan ($16.23 billion) in 2020. [Photo/WeChat account: china-zjftz]

The Zhoushan area of China (Zhejiang) Free Trade Zone in East China's Zhejiang province experienced high-quality financial development in 2020, local media reported.

The cross-border renminbi settlement of Zhejiang FTZ's Zhoushan area totaled 104.8 billion yuan ($16.23 billion) last year, achieving its annual goal and ranking third in the province.

Since its establishment in 2017, Zhejiang FTZ's Zhoushan area has completed more than 270 billion yuan worth of cross-border RMB settlement for more than 800 companies in Zhejiang. The business scope of the area spans 48 countries and regions.

As of 2020, Zhejiang FTZ's Zhoushan area was home to 71 financial institutions, including three banking institutions. The Zhoushan area had a domestic and foreign currency deposit balance of 120.57 billion yuan, a year-on-year increase of 15 percent and accounting for 43.5 percent of the total deposit in Zhoushan.

The total balance of financing for companies in Zhejiang FTZ's Zhoushan area reached 80.59 billion yuan in 2020, a year-on-year increase of 15.8 percent, taking up 26.6 percent of the total financing in the city.

By 2020, Zhejiang FTZ's Zhoushan area had 1,109 companies offering foreign exchange services and the total cross-border receipts and expenses of these companies amounted to $12.35 billion in 2020, an 82.6 percent year-on-year increase, including $4.24 billion in cross-border receipts.