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The Zhoushan Port Comprehensive Bonded Zone announced on Wednesday that it started official operations of its first-phase project, the first step to becoming a free trade zone.

Located in Zhejiang province, the Zhoushan Port Comprehensive Bonded Zone covers an area of 2.55 square kilometers on the Zhoushan islands. Some 110 companies have been registered in the bonded zone and another 20 are undergoing registration process. The combined investments of projects running in the zone will reach some 31 billion yuan ($5.12 billion), said Bei Luguo, director of the bonded zone authorities.

The bonded zone aspires to become a hub for maritime equipment manufacturing, biological and electronic industries, warehousing, shipping, financial and exhibition services, according to the official plan for the zone.

The State Council granted approval for the zone on Sep 29, 2012.

Zhoushan has been applying for a pilot program to set up a cross-border e-commerce platform, department of communication of the city's government said.