Weifang Free Trade Zone

Weifang Free Trade Zone, administered by Weifang in East China's Shandong province, was approved by the State Council in January 2011. It covers an area of 13.68 square kilometers and is divided into the South Zone and the North Zone. The South Zone, covering an area of 4.1 sq km, is located in the eastern part of the downtown area, while the North Zone, covering 9.58 sq km, is adjacent to Weifang Port, serving the development and opening-up of the northern coastal areas.

The free trade zone has adopted innovative methods to attract foreign investment by establishing a dedicated working team for each project, successfully introducing 45 foreign-funded projects.

Key industries are rapidly emerging. The zone's shipment volume of VR products accounts for 70 percent of the global market, creating a virtual reality industry cluster with global influence. The new energy power industry is also gaining momentum, with starter motors and generators accounting for 80 percent of the sales in the national large commercial vehicle market.

The import and export volume of cross-border e-commerce accounts for over 50 percent of the total in the city. Efforts are being accelerated to cultivate new formats such as bonded research and development and bonded maintenance, promoting the transformation and upgrading of foreign trade and enhancing its quality and efficiency.