Zhejiang Pilot Free Trade Zone: a model of innovative reform

Vehicles pass through an expressway toll station leading into China (Zhejiang) Pilot Free Trade Zone in Zhoushan city, East China's Zhejiang province. [Photo/IC]

A list of the "best practices" carried out by China's free trade zones (FTZs) was released by the Ministry of Commerce on July 23. The practices focus on investment, financial services, real economy and market supervision.

Four reforms carried out by China (Zhejiang) Pilot Free Trade Zone in Zhoushan, a coastal city in Zhejiang province, made the list, accounting for one-eighth of the total and ranking first alongside China (Hubei) Pilot Free Trade Zone in terms of the number of recognized reforms.

The four reforms touch on maritime governance, maritime comprehensive administrative law enforcement systems, and the approval of construction projects.

Established in April 2017, Zhejiang FTZ has boldly explored how to promote trade and facilitate investment in oil and gas industrial chains.

A total of 83 achievements relating to institutional innovation have been recognized, 34 of which are being implemented around the country.

Official statistics reveal that, since the State Council approved the establishment of a third batch of seven FTZs, a total of 79 successful reform practices have been replicated and promoted in other parts of the country, 14 of which are from Zhejiang FTZ, ranking first among all national FTZs in the country.