The efforts made by Zhoushan to establish the Zhejiang Mercantile Exchange has been recognized as one of the outstanding best practices in the province, according to the People's Government of Zhejiang Province on March 2.

Establishing the exchange was part of the city's efforts to implement the national energy security strategy, advance the integrated development of the Yangtze River Delta region, and build a demonstration zone for common prosperity, according to authorities.

One of the contributions made by the exchange is the development of a price index mini app that was put into operation on August 1, 2022. 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 services for sellers and buyers. 

In addition, the exchange has cooperated with the Shanghai Futures Exchange to build a transaction system for bulk commodities.

The cooperation will also play a critical role in improving the country's capability to allocate resources for bulk commodities and influence prices, said local authorities.