The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone has made remarkable achievements since its operation in 2017. [Photo/WeChat account: china-zjftz]

The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone has made remarkable achievements since its operation in 2017, said Zhang Qianjiang, deputy director of provincial free trade zone office, at a news conference held on March 30 in Hangzhou, capital of Zhejiang.

Zhoushan area has implemented 161 institutional innovations, with 28 of them being replicated around the country. Many of the institutional innovations have driven the development of the oil and gas industry.

Zhoushan area houses 7,607 oil and gas companies, becoming the area in the country with the largest number of such companies. It also generated 558 billion yuan ($84.91 billion) in trade value last year, an annual increase of 104 percent.

The area has been pursuing the "At Most One Visit" reform and the construction of a digital FTZ to further improve its business environment.

The booming oil and gas industry is another achievement made by Zhoushan area over the past four years.

Zhoushan area has become the largest storage base of oil and gas in the country. It is capable of storing 32.3 million cubic meters of oil and gas, accounting for one fifth of the country's total.

Last year, Zhoushan area offered 4.72 million metric tons of bonded bunker oil, an annual increase of 45 percent, leaping to top spot in the country and eighth place in the world.

The area houses more than 250 suppliers of maritime services and its cross-border renminbi settlement last year exceeded 300 billion yuan, an annual increase of 212 percent and involving 52 countries and regions.