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Zhoushan area of Zhejiang FTZ sees sound development

Updated : 2022-05-07 (chinadaily.com.cn)

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The Zhoushan area of China (Zhejiang) Pilot Free Trade Zone. [Photo/WeChat account: china-zjftz]

The Zhoushan area of China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, achieved sound development in the first quarter of this year by making full use of its oil and gas industries.

From January to March, the Zhoushan area added 381 oil and gas companies, accounting for 30.1 percent of newly registered companies in the Zhejiang FTZ and bringing the total number of such companies in the area to 9,684.

The bulk commodity trading volume in Zhoushan area totaled 205.32 billion yuan ($30.799 billion), up 4.1 percent year-on-year. Its oil and gas trading volume amounted to 170.41 billion yuan, of which online oil and gas trading rose 268.1 percent to 31.1 billion yuan.

The operating revenue of the 71 banking institutions in Zhoushan area was valued at 1.415 billion yuan, a 41 percent year-on-year increase, in the first quarter.

Meanwhile, the cross-border renminbi settlement amount in Zhoushan area was 10.685 billion yuan, including 1.535 billion yuan for bulk commodity.

The bunker oil supply in the area expanded 15.9 percent year-on-year to 1.37 million metric tons in the Jan-March period. Some $848 million worth of bunker oil was supplied to international ships, a yearly increase of 14.3 percent. The area also traded 1.88 billion yuan in ships, a 18.9 percent increase year-on-year.

In addition, the actual utilization of foreign capital in Zhoushan area grew 47.7 percent year-on-year to $160 million while foreign trade value in the area totaled 8.396 billion yuan.