Since its inauguration 100 days ago, China (Zhejiang) Pilot Free Trade Zone (FTZ) has been facilitating trades and investing in bulk commodities, according to a report by CZTV.com.

With the aim of becoming a hub for bonded (tax-free) fuel oil in Northeast Asia, the local customs authorities have made several fuel supply specific policies to meet the various demands of companies.

The Zhoushan Port supplied 780,000 tons of fuel oil in the first half of 2017, an increase of 68 percent year compared to 2016. Accordingly, Zhejiang boasts the country's fastest growing oil industry.

The port has also seen substantial growth in the import of other bulk commodities such as crude oil, refined oil, iron ore, and soybean. The Zhoushan Bulk Commodity Exchange reported an impressive 384 billion yuan ($56 billion) in trade volume since the launch on April 1.

The rapid development of the Zhejiang FTZ and the promise of further future progress has led to an influx of companies from home and abroad settling in the region.

By the end of June, 803 companies had settled in the zone. This includes 202 oil-focused companies and seven of the world's largest 10 bonded fuel oil suppliers have already reached out to the zone for cooperation.

Zhoushan Lihai Petroleum Ltd Co joined the FTZ about two months ago and secured an order of 125 million yuan. It now holds great expectation for its future development and is planning to build a manufacturing base and set up a complete oil industrial chain.

"(Zhejiang) FTZ is developing good momentum. Under the guidance of the FTZ's policies, I am sure we will have better development in the future." said Yu Kating, general manager of Zhoushan Lihai Petroleum Ltd Co.