A container ship anchors at Ningbo-Zhoushan Port, waiting to be unloaded. [Photo by Yao Feng/For China Daily]

A news conference in Hangzhou on Nov 27 unveiled tasks to build a major commodity resource allocation hub in the China (Zhejiang) Pilot Free Trade Zone. 

Earlier this month, China's State Council approved the "Plan for Building a Major Commodity Resource Allocation Hub in the Zhejiang Pilot Free Trade Zone". The news conference detailed the plan's objectives and Zhejiang's strategy for implementation.

Han Jie, director of the Department of Commerce of Zhejiang Province, highlighted the plan as a milestone in aligning national strategy with regional development.

He said the plan marks a new phase for China (Zhejiang) Pilot Free Trade Zone. Key priorities include upgrading capabilities in the oil and gas sector, expanding the range of commodities managed, and advancing institutional openness.

According to the other announcements of the news conference, provincial authorities will issue an implementation plan with phased goals and key measures. Core responsibilities lie with Zhoushan and Ningbo, which will design actionable strategies and ensure policy execution.