HANGZHOU, Sept. 24 (Xinhua) -- An expanded free trade zone (FTZ) in east China's Zhejiang Province was inaugurated on Thursday to amplify the province's piloting role in the construction of a new type of international trade center and international shipping and logistics hub.
Approved by the State Council, the Zhejiang FTZ has doubled its coverage, increasing by 119.5 square km and adding three areas, the Jinyi area and areas in the cities of Ningbo and Hangzhou, to the existing Zhoushan area.
Each sub-area of the FTZ has its own specialized industry. The 46-square-km FTZ area in Ningbo aims to exert its advantage as a world-class shipping hub while developing its new material and intelligent manufacturing industries.
The 37.51-square-km area in the provincial capital Hangzhou will showcase its piloting role in artificial intelligence innovation and development while fostering cross-border e-commerce and the digital economy.
The 35.99-square-km area in Jinyi, a new area in Jinhua City, will focus on the construction of a digital trade and international logistics hub by upgrading the small-commodity center Yiwu, a county-level city under the administration of Jinhua.
Zhejiang's FTZ was originally established in 2017 in Zhoushan, which has seen fast development in the oil and gas trade. Enditem