The Zhejiang Mercantile Exchange is inaugurated in Zhoushan. [Photo/Tide News]

The Zhejiang Mercantile Exchange was inaugurated on June 28 in Zhoushan, East China's Zhejiang province, marking a major milestone in the province's efforts to deepen high-level opening-up and build a globally competitive resource allocation hub for bulk commodities.

Representatives from China (Zhejiang) Pilot Free Trade Zone said that the new exchange serves as a vital platform for enhancing bulk commodity trade capabilities and positioning Zhejiang as a key node in global supply chains.

Unlike traditional infrastructure-driven approaches, the exchange emphasizes innovation in trading models and systems to drive economic growth. With its strategic port advantages, rich maritime resources, and supportive policies, Zhoushan offers fertile ground for the exchange's growth.

The initiative builds on the success of another Zhejiang Mercantile Exchange that was established in 2015. Over the past decade, this exchange has evolved into one of China's largest local trading platforms, having served over 3,600 member enterprises and accumulating trade volume exceeding 2 trillion yuan (about $279 billion).

Its integration of five service platforms — resources aggregation, distribution, risk management, logistics, and finance — has helped make Zhoushan a national hub for oil and gas.

The new exchange expands beyond oil and gas to include iron ore, liquefied natural gas, and green energy, with the goal of forming a multi-tiered spot and futures market.

Zhoushan is now mobilizing resources for 106 major projects and over 340 tasks under this initiative, aiming to build a comprehensive bonded zone as well as a trade and industry hub that expands global reach, institutional innovation, and international competitiveness.