A total of 66 major projects were put into use in the Ningbo area of the China (Zhejiang) Pilot Free Trade Zone on Aug 23.

The projects were mainly involved in sectors like shipping logistics, smart warehousing, cross-border e-commerce, digital platforms, and financial services.

Their operation is expected to generate more than 200 billion yuan ($30.77 billion) in annual revenue, while also bolstering the area's drive to become an internationally influential oil and gas resource distribution center.

An important project among them is a digital supply chain platform tailored for the energy and chemical industries, which is being developed by Sinochem Energy High-Tech Co Ltd.

The platform will provide services for nearly 100 leaders in the energy and chemical sectors.

Toolots, a US-based cross-border e-commerce company involved in industrial equipment trade, has also established a business presence in the area.

Jason Fu, founder and CEO of Toolots, attributed the choice of Ningbo as the company's headquarters in China to factors including the congenial business climate, efficient government services, and preferential policies in the FTZ.

The company aims to provide one-stop services, such as product standard customization, overseas brand building, and product marketing, to more than 10,000 Chinese factories. 

To date, it has reached cooperation agreements with more than 2,300 suppliers in China and the US. It will strive to achieve annual sales of $1.2 billion by 2025.

The Ningbo area of the Zhejiang FTZ covers a total area of 46 square kilometers and is composed of three sections: the Daxie area (15.2 square kilometers), the Meishan area (7.8 sq km), as well as the Ningbo Free Trade Zone (17.8 sq km).

Beilun district, where the Ningbo area of the Zhejiang FTZ is located, saw a robust growth in the service sector in the first seven months of this year.

From January to June, the added value of the service industry in Beilun increased 12 percent to 54.18 billion yuan, accounting for more than half of the district's economic output.