Ningbo unveils new measures to build international commodity trade center

An LNG bunkering vessel conducts refueling operations at Ningbo-Zhoushan Port. [Photo by Wu Mengkai/Yongpai App]

Ningbo has unveiled 18 new measures to accelerate the development of an international commodity trade center, reinforcing its ambition to become a globally influential commodity resource allocation hub by 2030.

Jointly issued by 10 government agencies, the policy package focuses on five key areas: attracting market players, fostering innovative trade models, enhancing financial services, cultivating professional talent, and strengthening supporting infrastructure.

To boost market vitality, Ningbo will encourage local commodity trading firms to deepen cooperation with upstream and downstream industries, while attracting international trading companies, regional headquarters, and industry organizations. The city will also promote partnerships with Belt and Road countries, BRICS members, and Central and Eastern European countries.

Digital transformation is another major focus of the initiative. Ningbo plans to support the development of digital platforms for commodity trading, logistics, and financing, while expanding the use of technologies such as blockchain, artificial intelligence, and digital identity systems.

The measures also support the growth of offshore trade, spot-futures integration, and green marine fuel bunkering. As one of China's leading bunkering ports, Ningbo-Zhoushan Port has already emerged as the nation's largest bonded biofuel bunkering hub and a major LNG bunkering center.

Financial innovation will also play a key role, with banks encouraged to expand lending and develop digital financing products based on warehouse receipts. At the same time, universities and enterprises will work together to cultivate skilled professionals, while overseas experts will benefit from more streamlined employment and residency services.