The first China (Zhejiang) Pilot Free Trade Zone Marine Economy Summit Forum was held in Zhoushan, East China's Zhejiang province, on Aug 12.
China (Zhejiang) Pilot Free Trade Zone (FTZ), one of China's seven newly-approved free trade zones, located in the island city of Zhoushan, was officially launched on April 1. The new FTZ will serve as a demonstration area for the opening of ocean trade routes, the trade liberalization of bulk commodities and a global allocation of resources.
In fact, the new FTZ has shown its effect on economy. Zhejiang banking industry published financial supporting policies. So far, five banks have established themselves in the FTZ. The first non-banking financial institution owned by China Zheshang Bank also settled in FTZ.
"Despite of the weak basis, it is foreseeable that finance of Zhoushan can be expanded and developed in the marine economy", said Zhang Yanyun, director of the finance office of Zhejiang province.
Placed at the forefront of the marine economy, Zhoushan fosters a general environment for integrated development. In 2016, the marine economic output of Zhoushan reached 292.5 billion yuan ($43.7 billion), which was 70.2 percent of the GDP.
Zhang believes that it is necessary to promote the establishment of specialized marine financial institutions. The cross-border use of the Chinese currency, the renminbi (RMB), and financial services for international cargo ships will also be boosted.