Core Insights - The Zhejiang Free Trade Zone has achieved significant institutional innovation and economic contributions over the past five years, with 690 cumulative innovation results, including 193 national firsts [1] - The zone contributed 19.2% of the province's foreign trade, 17.6% of foreign investment, and 8.9% of tax revenue in 2024, with total import and export volume increasing from approximately 480 billion yuan in 2020 to over 1 trillion yuan in 2024 [1] - The zone has seen a doubling of both import-export volume and actual foreign investment, with over 170,000 newly registered enterprises, including more than 3,000 foreign-funded companies [1] Economic Contributions - The Zhejiang Free Trade Zone has become a key player in national strategies, ensuring the resilience and security of major commodity supply chains, and has established the largest energy security base in the country [2] - By 2024, the refining capacity in the zone reached 75 million tons, 1.5 times that of 2020, attracting major international oil and gas trading companies, with a trade volume of 1.4 trillion yuan [2] Reform Initiatives - The zone has successfully implemented 71 national-level reform pilot projects across trade, investment, finance, and transportation, showcasing innovative results such as the first securitization product involving game and animation copyrights [2] - A comprehensive bank settlement account system for both domestic and foreign currencies has been established, with over 400,000 accounts opened across 18 banking institutions, enhancing cross-border fund management for enterprises [2] Regional Development - Each of the four districts within the zone has leveraged institutional innovation for high-quality development, with Zhoushan focusing on the oil and gas industry, Ningbo enhancing cross-border trade, Hangzhou excelling in digital trade, and Jinyi developing a cluster for new energy vehicles [3] - The cumulative investment signed at the Global Digital Trade Expo in Hangzhou reached 430 billion yuan, while Jinhua's output value for new energy vehicles and key components surpassed 100 billion yuan for the first time in 2024 [3] Business Environment Improvements - The Zhejiang Free Trade Zone has made significant strides in optimizing the business environment, addressing urgent issues for enterprises in trade facilitation, tax services, and maritime services [3] - Innovations such as a paperless, one-stop customs clearance platform for special biological products have reduced clearance times by over 60%, while tax policies have been tailored to address challenges in various sectors [3] Future Directions - The next steps involve deepening the strategic enhancement of the Free Trade Zone, focusing on strengthening the four key areas of bulk commodities, digital trade, logistics hubs, and commerce [4]

Core Insights - The Zhejiang Free Trade Zone has achieved 690 institutional innovation results in five years, including 193 national firsts [1][2] - In 2024, the Zhejiang Free Trade Zone, occupying less than 1/400 of the province's area, contributed 19.2% of the province's foreign trade, 17.6% of foreign investment, and 8.9% of tax revenue [1] Institutional Innovations - The Zhejiang Free Trade Zone has implemented 71 national-level reform pilot projects focusing on trade, investment, finance, and transportation [2] - Innovations include the first securitization product involving game and animation copyrights, and a comprehensive bank settlement account system covering over 400,000 accounts [2] Trade Facilitation - The zone has established a one-stop paperless customs clearance platform, reducing the clearance time for special biological products by over 60% [2] - A digital platform for foreign crew certificate processing has been created, providing over 160,000 consultations [2] Taxation Support - The Zhejiang tax authority has implemented digital management for export tax refund documentation, benefiting 79,000 enterprises [3] - Comprehensive bonded zones have been established in each area of the Free Trade Zone, with the number of zones leading the nation [3] Economic Contribution - The comprehensive bonded zones in the Zhejiang Free Trade Zone account for 42% of the trade value within the zone, despite occupying less than 9% of its area [3]