The International Commodity Trade Hub in Zhoushan. [Photo/the official news website of Zhoushan]

The International Commodity Trade Hub was unveiled on Dec 8 in Zhoushan, East China's Zhejiang province.

In November 2024, the State Council approved the "China (Zhejiang) Pilot Free Trade Zone Bulk Commodity Resource Allocation Hub Development Plan", tasking Zhoushan with building storage, logistics, processing, and maritime service bases, as well as trading and transaction centers, which are central to elevating the bulk commodity value chain.

Ten enterprises in the bulk commodity sector — including Zhejiang Qinzhou Trading and Zheshang Development — have settled in the pilot zone, representing a significant step in Zhoushan's effort to build a national resource allocation hub.

As a key carrier for implementing the national strategy, the hub aims to strengthen trade functions, enhance the international and legal business environment, and reinforce industrial foundations, with its total trade volume expected to exceed 100 billion yuan ($14.14 billion) in 2026.

The hub will focus on building a comprehensive trading ecosystem, strengthening policy support, optimizing services, and attracting industry-leading enterprises to localize operations. It will promote the settlement of real-economy trade and drive supporting services such as finance, legal affairs, and consulting, forming a dynamic and efficient trade system.