The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province has since this year been making efforts to advance the digital transformation of its bonded fuel oil industry. 

For example, the Zhejiang Mercantile Exchange had developed a price index mini app that was put into operation on August 1. The app allows users to obtain and submit quotations through a mobile device and provides information on sellers' offers, buyers' offers, storage price, and available storage capacity. 

Shang Kaixiang, who is responsible for developing the app, said that the app will greatly improve efficiency in this area. 

Li Xiang, a representative of a shipping company, noted that the app will provide more convenient service for sellers and buyers. 

In addition, the exchange connects the price index to the dispatch center of the comprehensive bonded area to improve the service and management of relevant companies, including oil firms and barge enterprises. 

From January to July, the transaction volume conducted in the exchange was 45.3 million metric tons, up 16.34 percent year-on-year. The transaction value was 251.42 billion yuan ($37 billion), a year-on-year increase of 41.88 percent. The online transaction was 14.72 million tons, a 230.91 percent increase year-on-year. The online transaction value was 82.67 billion yuan, up 244.57 percent year-on-year.