By the end of November, a total of 3,723 enterprises were registered in the China (Zhejiang) Pilot Free Trade Zone (FTZ) with a registered capital of 158.3 billion yuan ($24.03 billion) this year.

Among them, 724 are petroleum enterprises. Their registered capital reached 68.5 billion yuan, accounting for one fifth of the registered companies' total.

This signals that the free trade zone is now a popular investment destination in China.

The State Council approved the country's third batch of pilot FTZs in seven provinces including Zhejiang on March 31. The China (Zhejiang) Pilot Free Trade Zone was officially launched on April 1.

The pilot zone is being developed in a designated area of 119.95 square kilometers, covering three major areas - Zhoushan's offshore islands, and the northern and southern parts of Zhoushan Island.

The zone in Zhejiang is based on Zhoushan Archipelago and its offshore islands, boasting advantages of location, marine resources and offshore supervision.

It is expected to be a free trade port with Chinese characteristics taking Singapore as reference under the guidance of the national strategy.

The pilot zone will focus on promoting investment facilitation and trade freedom in all oil-product-related industries, expanding structural reforms, developing bulk commodity trade and exploring new trade and investment modes.

In the near future, the zone will not only help facilitate the economic development of Zhejiang and China, but also become an important growth pole for global trade.