The busy scene at Dapukou terminal of Ningbo Zhoushan Port, East China's Zhejiang Province on January 17, 2023 Photo: Li Hao/GT

China's first bulk commodity resource allocation hub was inaugurated in East China's Zhejiang Province, one of the country's economic powerhouses, on Wednesday according to the Xinhua News Agency. This marks a significant milestone in Zhejiang's efforts to advance integrated, full-industrial chain reforms in the commodity sector, the report said.

This is an implementation of the plan released by China's Ministry of Commerce (MOFCOM) and the provincial government on November 25 to build a "bulk commodity resource allocation hub" within Zhejiang's free trade zone.

The hub's launch emphasized high-level openness, boosting Zhejiang's global influence, aiming to enhance resource allocation, innovation and international competitiveness, while ensuring top service, low costs and high efficiency.

The province planned to leverage the world-class Ningbo-Zhoushan Port as a key driver to enhance the global influence of its open hub. It aims to upgrade the capabilities of its open platform to better align with international high-standard trade and economic rules, while attracting global high-end resources, according to Xinhua.

The government stressed that it plans to focus on fostering world-class enterprises and high-value-added industries to strengthen the international competitiveness of its industrial and supply chains. These efforts will promote higher level of opening-up.

The hub is encouraging financial institutions to back these infrastructure projects through diverse financing methods, such as equity investments, bond issuances, private equity funds and insurance products, according to the plan.

The plan is part of China's strategy to elevate free trade zones nationwide. China's trade in goods has ranked first globally for seven consecutive years and has become the major trade partner for over 140 countries and regions.