Shanghai Waigaoqiao Free Trade Zone, whose establishment was approved by the State Council in June 1990, is the earliest and largest free trade zone in China. It integrates economic functions like free trade, export processing, logistics and warehousing, and duty-free commodities display and trading. The zone has an area of 10 square kilometers, 6.4 square kilometers of which have been developed for operation thus far.

After a decade's development and construction, as of the end of 2000, the Free Trade Zone had accumulatively approved 4,383 investment projects and attracted total investment of USD5.351 billion from 58 countries and regions across the world.