By CGTN's Hu Nan
After the opening of seven new free trade zones (FTZs) on April 1 across China, the Yangtze River Economic Belt will embody four FTZs: Chongqing FTZ upstream of the river, the Hubei Province FTZ in the middle, Shanghai at the Yangtze's lower reaches and Zhejiang Province (Zhoushan port) FTZ as the river enters the ocean.
Zhoushan port / CGTN Picture
A deep-water port, Zhoushan port enjoys about 280 kilometers of deep-water shoreline, nearly one fifth of the nations total figure. Geographically, it finds itself within 500 km of other major northeast Asian ports, including Busan, Nagasaki, Kaohsiung, and Hong Kong. Six out of seven ocean-going shipping routes pass through the waters of Zhoushan port.
Considering all of these factors, it makes sense for the Zhejiang FTZ to focus on the "ocean economy," bulk commodity shipments and oil refueling.
Furthermore, the local government is expanding its business scope in line with favorable FTZ policies, including the construction of a crude oil refinery and the world’s biggest LPG dock, providing financial and legal services to international cargo ships, and hosting whole-chain factories in "ocean economy" related industries.
Plans for a new logistics center and high-end cargo ship supporting services center at Zhoushan port. / CGTN Picture
However, Zhoushan port has a strong competitor. China's Shanghai FTZ, which is only about 100 kilometers away from Zhoushan port, has China's biggest container port and it has been given favorable treatment and financial policies under a pilot FTZ program since 2013.
Therefore, the Zhejiang FTZ is planning its second and third phase of development to differ itself from other FTZs and develop its one-of-a-kind "ocean economy" related industries.
