China (Zhejiang) Pilot Free Trade Zone

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The China (Zhejiang) Pilot Free Trade Zone was officially launched on April 1, 2017. The 119.95-square-kilometer zone, made up of both inland and anchorage areas in Zhoushan, is a key part of the country's Belt and Road Initiative and the Yangtze River Economic Belt.Since then, Zhoushan area has been building a complete industrial chain for the oil and gas industry. Over the past five years, the green petrochemical base in Zhoushan has become the largest chemical refining integration project in the country, following the completion of its second phase at the end of 2021. Zhoushan now has the largest oil product storage and transportation base and largest liquefied natural gas receiving center in China.The State Council released a plan on the expansion of the China (Zhejiang) Pilot Free Trade Zone on September 21, 2020. The expansion area includes three new regions with a total area of 119.5 square kilometers. They are the Ningbo area, Hangzhou area and Jinhua-Yiwu area.Currently, the four areas in the Zhejiang FTZ are tasked with different development goals.The Zhoushan area has been building a complete industrial chain for the oil and gas industry. The Ningbo area is focused on the development of oil and gas, new materials, international shipping, global supply chains, foreign trade and intelligent manufacturing. The Hangzhou area has been accelerating the development of the digital economy, and the Jinhua-Yiwu area has been building up a new international trade center.Zhejiang is planning to develop the FTZ into a demonstration zone for the development of the digital economy. According to the plan, the demonstration zone initially includes the entirety of Hangzhou, the first comprehensive cross-border e-commerce pilot area in the country,  later bringing Ningbo and Jinhua into the fold in 2021 and 2022, respectively.The Jinhua-Yiwu, Ningbo and Zhoushan areas are jointly building up the Yiwu-Ningbo-Zhoushan corridor, which will become an economic powerhouse helping to form a new trade mode of small and bulk commodities.

China (Zhejiang) Pilot Free Trade Zone

中国（浙江）自由贸易试验区

The China (Zhejiang) Pilot Free Trade Zone was officially launched on April 1, 2017. The 119.95-square-kilometer zone, made up of both inland and anchorage areas in Zhoushan, is a key part of the country's Belt and Road Initiative and the Yangtze River Economic Belt.