Yuan Jiajun, Party secretary of Zhejiang province, speaks at the conference dedicated to the development of the China (Zhejiang) Pilot Free Trade Zone (Zhejiang FTZ) in Hangzhou on Nov 26. [Photo/zjol.com.cn]

The Zhejiang provincial government hosted a conference dedicated to the development of the China (Zhejiang) Pilot Free Trade Zone (Zhejiang FTZ) in Hangzhou, capital of Zhejiang province, on Nov 26.

Among the speakers were Yuan Jiajun, Party secretary of Zhejiang province, Zheng Shanjie, governor of Zhejiang province, Qian Keming, vice-minister of the Ministry of Commerce, head officials from the Zhejiang cities of Zhoushan, Hangzhou, Ningbo, and Jinhua, as well as the leadership of Zhejiang Seaport Group.

The Zhejiang FTZ was established in the port city of Zhoushan and its outlying islands in April 2017 in an effort to form a complete industrial chain for oil and gas. After receiving approval from the State Council, the Zhejiang FTZ doubled its coverage area in September of this year, adding another 119.5 sq km of 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), to its existing Zhoushan area (120 sq km). The three new areas have been tasked with different development goals based on their own unique strengths.

The conference also consisted of signing ceremonies for 25 related projects involving nearly 100 billion yuan ($15.21 billion) in investment in petrochemicals, commodity trading, the digital economy, new materials, intelligent equipment, port logistics, and more.

In his speech at the conference, Yuan stressed that the development of the Zhejiang FTZ was a major decision made by the CPC Central Committee and the State Council as a strategic move to push forward reform and opening up in the new era. It will involve a reform of ideas, vision, and systems and mechanisms, Yuan said.

Yuan called for overall improvements on the Zhejiang FTZ's five basic functions: a complete industrial chain for oil and gas, a new-pattern international trade center, an international shipping and logistics hub, a demonstration zone for the digital economy, and an advanced manufacturing cluster.