Led by Zhejiang's "At Most One Visit" administrative initiative, which is aimed at cutting down excessive red tape, a series of reforms have been introduced to facilitate investment, trade, customs clearance, government management and legislative guarantees in the zone.

In just two years, an oil and gas industrial cluster has emerged in Zhoushan. In 2018, the trade value of oil and gas products in the city hit 221.39 billion yuan ($33 billion) and the value of foreign trade reached 110 billion yuan.

People purchase goods at a mall selling imported commodities in Zhoushan, Zhejiang province, Jan 27, 2018. [Photo/IC]

"Zhejiang FTZ will explore new institutions for the country's innovative work, establish platforms for further opening-up and seek development for the region," said an official of the zone's management committee.

He said Zhejiang FTZ had established goals for high-quality development in 2019, including another 17 innovative institutions, trade value worth 260 billion yuan in oil and gas products and the supply of 4 million metric tons of bonded bunker fuel.