The total value of goods in and out of the Jinyi Comprehensive Free Trade Zone in Jinhua, East China's Zhejiang province has exceeded $7 billion, an increase of 218 percent year-on-year, local media reported on Feb 13.
Spot trading of bulk commodities has now been realized in the zone. Instead of the original minimum trading volume of 25 metric tons, 3 tons of commodities can now be traded, greatly reducing the overstocked funds of enterprises.
Zhejiang Derui Supply Chain Management Co Ltd, which has set up operations in the Jinyi Comprehensive Free Trade Zone, is a leading enterprise in the field of bulk commodities trading, sending $2.5 billion worth of goods in and out of the free trade zone.
Shao Gangfeng, the chairman of Derui company, said that before setting up operations in the Jinyi Comprehensive Free Trade Zone, the goods need to be transported to Shanghai and Ningbo ports for customs clearance. After the settlement, with the instruction of Jinhua Customs, the time needed for customs clearance has been shortened and transportation costs have been greatly reduced, Shao added.
In addition, the outlet store in the free trade zone that opened on Feb 5 in 2021 had earned 20 million yuan ($3.15 million) by the end of 2021.
