The Zhoushan area of Zhejiang FTZ. [Photo provided to chinadaily.com.cn]

The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone in Zhejiang, East China's Zhejiang province, is set to become a global resource distribution base for oil, natural gas, and other bulk commodities, according to the revised regulations for the Zhejiang FTZ.

The regulations state that the Zhoushan area is also expected to become an international oil and gas trading and logistics center, an international base for the maritime service and petrochemical industry, as well as a demonstration zone of renminbi's internationalization in cross-border trade of bulk commodities.

Yu Yekui, who participated in compiling the revised regulations, said that the latest regulations require the Zhoushan area to not only focus on oil and natural gas, but also on the logistics and trade of iron ore, copper concentrate, and grain.

Yu also noted that the regulations propose a fault-tolerant mechanism, which will further stimulate the enthusiasm for starting businesses and exploring innovation in the Zhejiang FTZ.

In addition, the revised regulations are beneficial to the creation of a law-based market and international business environment that would boost the development of the Zhejiang FTZ, added Yu.

Officially established in Zhoushan in April 2017, the China (Zhejiang) Pilot Free Trade Zone spans 119.95 square kilometers. In August 2020, the Zhejiang FTZ doubled its size when the the Ningbo, Hangzhou and Jinhua-Yiwu areas were added.