Ningbo-Zhoushan Port. [Photo/IC]

Ningbo, Zhejiang province, is accelerating its transformation from a major logistics and shipping hub into a global commodity resource allocation hub, with its commodity trade continuing to expand.

At a press conference marking the second anniversary of the China (Zhejiang) Pilot Free Trade Zone's commodity resource allocation hub initiative on Nov 12, officials highlighted the progress made in Ningbo, the initiative's core development area.

In the first three quarters of 2026, Ningbo's bulk commodity imports and exports reached 230 billion yuan ($34.47 billion), up 8.2 percent year-on-year. The city also ranks among China's leading regions in oil refining and storage capacity.

Ningbo has continued to strengthen its port infrastructure and logistics network. It now has 119 berths capable of accommodating vessels of 10,000 metric tons or more. The world's first China-Europe Arctic container express route has also been launched, cutting the one-way voyage to just 18 days, 22 days shorter than the Suez Canal route.

Meanwhile, industrial processing, trade services and financial support are expanding alongside logistics. Ningbo is also developing a national-level cold chain resource allocation center, with a 500,000-cubic-meter cold storage facility now in operation.

Looking ahead, Ningbo will further integrate storage, transportation, trade, industry, services, and digital technologies to strengthen its role in global commodity supply chains.