In a major step to build a more internationalized trading platform in the area, a senior FTZ official announced on Tuesday that China's first foray into trading crude oil futures will take place next spring in the China (Shanghai) Pilot Free Trade Zone.

"The first crude oil futures market will be launched at the Shanghai International Energy Trade Center in the FTZ in March or April next year," Dai Haibo, deputy director of the FTZ administration committee, said in a briefing to the city's legislators.

With a registered capital of 5 billion yuan ($820 million), the center is by far the largest financial company set up in the FTZ. It is jointly financed by the Shanghai Futures Exchange and Shanghai Futures Information Technology Co Ltd and was launched in Nov 22.