The State Council, in a circular released on Nov 13, has approved a plan to build China (Zhejiang) Pilot Free Trade Zone into a major commodity resource allocation hub.

According to the circular, the hub should actively align with international high-standard economic and trade rules and continue to promote commodity investment and trade liberalization and facilitation.

Meanwhile, it should tap into its role as a pilot platform for comprehensive reform and opening-up and improve the capacity of major commodity resource allocation, the circular said.