- Pilot zone delivers outsized share of trade and foreign investment
- Province targets commodities hub, financial innovation ahead of 10th year
China’s Zhejiang Pilot Free Trade Zone contributed nearly a fifth of the province’s trade despite covering just 0.25% of its land area, underscoring its growing role as a reform testing ground nine years after its launch, the provincial government said yesterday.
At a press briefing, officials said the zone accounted for 18.7% of Zhejiang’s total imports and exports, 16.1% of foreign direct investment and 9.1% of tax revenue over the past year.
Authorities highlighted progress across four focus areas—commodities, digital trade, logistics hubs and commerce. More than 10,000 commodities firms have clustered in the zone, alongside 45 first-of-their-kind pilot programs.
In the digital sector, new rules on cross-border data flows for e-commerce and settlement have cut security review times by over 85%.
At the Ningbo-Zhoushan Port, cargo throughput ranked first globally, while container volumes placed third. Bonded marine fuel supply also rose to third worldwide.
In Yiwu, often known as the world’s marketplace for small commodities, cross-border e-commerce exports saw efficiency improve by 30% while costs fell 15%.
Officials said 2026 will be a pivotal year for building out a commodities resource allocation hub, with efforts focused on trading, storage and transport, and maritime financial services.
The province aims to reach 4.73 trillion yuan ($693.63 billion) in bulk commodity sales by major enterprises and push forward 40 key projects, including crude oil storage and transport bases, targeting refining capacity of 90 million tons. Annual bonded marine fuel supply is expected to reach 9 million tons.
Financial reforms are also expanding. Cross-border yuan settlement for bulk commodities reached 224.5 billion yuan in 2025, up 23%, while 16 out of 42 pilot financial policies introduced in the zone have already been rolled out nationwide.
On mobility, Zhejiang has introduced electronic arrival cards for foreign travelers, with 280,000 visa-free entries recorded in 2025 and 67,000 in the first quarter of this year, up 29% year-on-year.
As the zone approaches its 10th anniversary next year, officials said Zhejiang will deepen alignment with international trade standards and pursue further institutional innovation to strengthen its role as a high-level opening-up platform.
