The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone experienced rapid economic growth in the first quarter of this year. [Photo/WeChat account: china-zjftz]

The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone (FTZ) experienced rapid economic growth in the first quarter of this year, local media reported on April 25.

The unloading of liquefied natural gas, the online trade volume of oil and gas, the number of new registered companies, as well as the trade volume of agricultural products in the Zhoushan area reported respective year-on-year increases of 200 percent, 120 percent, 135 percent, and 146 percent in the first three months of this year.

Eleven other economic indicators witnessed more than 20 percent year-on-year increases, including imports and exports, crude oil processing amount, oil and gas throughput, as well as oil product trading volume.

From January to March, Zhejiang FTZ's Zhoushan area traded 138.4 billion yuan ($21.31 billion) in oil products, processed 64.12 million metric tons of crude oil, offered 1.18 million tons of bonded bunker oil, and reached 56.7 billion yuan in cross-border renminbi settlement.

The Zhoushan area has continued to strengthen its advantage in the oil and gas industrial chain, as well as facilitated investment and trade liberalization in bulk commodities since this year.

The area has been increasing efforts to implement structural reform in the oil and gas market, as well as to further the reform in integrating the futures and spot markets of oil and gas in an effort to promote the construction of the international oil and gas trading center in Zhoushan.