The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone has made significant achievements in the first two months of this year, local media reported on March 9.

From January to February, the Zhoushan area is expected to trade 80 billion yuan ($12.3 billion) in bulk commodities, including 60 billion-yuan trade in oil and gas, with the annual trading target being 700 billion yuan.

The Zhoushan area is expected to offer 800,000 metric tons of bonded bunker oil, $130 million worth of material supplies, and generate 900 million yuan in repairing international ships during the same period.

In the first two months of this year, the Zhoushan area is expected to process 3.8 million tons of crude oil and achieve a cross-border renminbi settlement amount of 41 billion yuan, a year-on-year increase of 340 percent.

In addition, the oil and gas trading volume in the Zhoushan area is expected to reach 65 billion yuan in the January to February period, a year-on-year increase of 16 percent, while the trading volume of agricultural products is projected to total 3.5 billion yuan.

In the first three months of this year, the trading volume of bulk commodities, as well as oil and gas in the Zhoushan area will reach 150 billion yuan and 100 billion yuan respectively, including 7 billion yuan in online trade.

During the same period, the Zhoushan area aims to offer 1.3 million tons of bonded bunker oil, $200 million of material supply, generate 1.4 billion yuan in international ship repair, and process 5.7 million tons of crude oil.

In addition, the cross-border RMB settlement in the area will amount to 44 billion yuan, its oil and gas trading volume will total 90 billion yuan, as well as its agricultural product trading volume will reach 5 billion yuan from January to March this year.