The grain and oil market in the Zhangjiagang Free Trade Zone in Jiangsu province has become one of four major grain and oil trading bases on the Chinese mainland since it opened in March 2012.

Trading volume for the market reached nearly 8 billion yuan ($1.31 billion) in the first nine months of the year.

“We are still recruiting agents. Our goal is to gather advanced local resources, large oil companies and grain companies to promote the grain and oil industry of the city,” said Liu Hongwei, deputy general manager of the market.

More than 30 enterprises have entered the market at present. Statistics show that trading volumes of enterprises have increased 30 percent on average after entering the market.

The market is expected to reach 10 billion yuan in trading volume by the end of the year, and the goal in 2015 is 30 billion yuan. Enterprise-enterprise commodity e-commerce services will also be provided at the market soon. A grain and oil spot transaction center will also be built. With cooperation from logistics firms, the business model of “trading online and picking up commodities nearby” will benefit more enterprises.