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China to expand Zhejiang Free Trade Zone

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China to expand Zhejiang Free Trade Zone

Issue Time:2020-09-29

China released a plan to expand the China (Zhejiang) Pilot Free Trade Zone on Sept 21, according to the State Council.

The Zhejiang FTZ was established in the port city of Zhoushan and its outlying islands in April 2017 in order to construct a complete industrial chain for oil and gas. According to the new plan, the Zhejiang FTZ, which currently occupies around 120 square kilometers in area, will add another 119.5-sq-km area in Zhejiang province, namely the Ningbo area (46 sq km), the Hangzhou area (37.51 sq km), and the Jinhua-Yiwu area (35.99 sq km).

The aforementioned three new areas of the Zhejiang FTZ will be tasked with different development goals according to the plan by the State Council.

The Ningbo area is set to become an international shipping hub, an oil and gas resource distribution center of international influence, an innovation center for international supply chains, a global scientific innovation center for new materials, and a demonstration zone for intelligent manufacturing.

The Hangzhou area is set to become a nationally-leading pilot development zone for new-generation artificial intelligence technologies, a national-level fintech development zone, a world-class cross-border e-commerce demonstration center, and a demonstration zone for digital economy.

The Jinhua-Yiwu area is set to become the world’s capital of small commodities, an international free trade center for small commodities, a digital trade innovation center, an inland hub for international logistics, a manufacturing innovation center, and an important cooperation platform for the Belt and Road Initiative.