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Zhoushan makes efforts to bolster Zhejiang Free Trade Zone

Updated : 2023-02-27 (chinadaily.com.cn)

The China (Zhejiang) Free Trade Zone made 10 remarkable achievements in 2022, the Information Office of Zhejiang Provincial People's Government announced on Feb 23. 

Among these are three achievements made in the Zhoushan area. 

One of them is the construction of two LNG facilities with a combined investment of 20-billion-yuan ($2.88 billion) on Dec 7, 2022. 

Establishing the two projects on Zhoushan's Liuheng Island will play a key role in bolstering the clean power industry and guaranteeing the LNG supply in the Yangtze River Delta region, said local authorities. 

The second achievement is the pilot program for the All-in-One Domestic and Foreign Currency Bank Settlement Account System which was set up by the Zhoushan branch of the People‚Äôs Bank of China on Dec 12, 2022. The system will provide convenient settlement services and greatly improve the business environment. 

The third achievement is the registration system of bonded goods, which was launched on Dec 22, 2022. This move will lay a good foundation for setting up a global transaction system of bulk commodities. The system is currently being used by all low sulfur fuel oil warehouses in Zhoushan. 

In addition, Zhoushan has created a whitelist comprising 125 foreign trade enterprises that will make it easier for shipbuilding and seafood processing industries as well as businessmen to enter and leave the country. 

Zhoushan will also sustain efforts to attract more projects related to trade headquarters that will be key to the formation of a global resources allocation base for bulk commodities.