The China (Zhejiang) Pilot Free Trade Zone in Zhoushan near to Hangzhou, East China’s Zhejiang province is playing a leading role in further reform and opening up in the province, according to a news conference held by the CPC Zhejiang Provincial Committee on Dec 28.
The Zhejiang FTZ will focus on institutional innovation and digital revolution to achieve breakthroughs and achievements in the near future.
The Zhejiang FTZ aims to become an international oil product trading center, international oil product storage and transportation base, international petrochemical base, international maritime service base, and a demonstration zone for the internationalization of the renminbi in bulk commodity cross-border trade.
By 2025, its capacity of oil product reserve, oil refining, and oil and gas trading volume are expected to exceed 70 million metric tons, 90 million tons and 1 trillion yuan ($153.21 billion) respectively.
The Zhejiang FTZ will construct a global digital trade center and host a global digital trade expo. By 2025, it will achieve 1.2 trillion yuan in new-style international trade, taking up one third of its total foreign trade.
The Zhejiang FTZ will ramp up efforts to construct digital infrastructure and by 2025, the added value of its core digital industries will account for 20 percent of its total GDP. In addition, 35 million twenty-foot equivalent units (TEUs) will be delivered in the FTZ and more than 3,000 China-Europe trains will depart from the zone and Hangzhou China plays a role.
The Zhejiang FTZ will continue pursuing high-quality development by attracting technologies, high-profile professionals and capital from around the world.
The FTZ has also set a goal of achieving a growth in the following areas – GDP, foreign trade, utilization of foreign capital, and expenditure in research and development – that is 2 percentage points higher than the provincial average.