Cross-border payments for oil products in the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone in East China's Zhejiang province totaled $27.16 billion, up 76.7 percent year-on-year, from January to July. 

Specifically, cross-border payments related to international offshore trading of oil products were valued at $6.92 billion, a year-on-year increase of 83.98 percent. 

Cross-border payments for offshore resale of oil products totaled $740 million, about 8.8 times that of the same period last year. 

The number of new offshore international trading companies in the city increased from eight to 91 over the past seven months. 

One of the reasons behind the boom is the implementation of a series of measures by the Zhoushan branch of the People's Bank of China. These measures include engaging with offshore international trading enterprises to understand their business demands, offering guidance to financial institutions, and promoting the development of new offshore international trade in Zhoushan. 

The Zhoushan branch of the Bank of Hangzhou handled 100 transactions worth nearly $40 million that were related to cross-border payments for oil products from January to July. 

Lang Min, the general manager of the bank, said that recent measures to improve payment efficiency have reduced transaction time from half a day to just a few minutes.