Established on January 25, 2011 with the approval of the State Council, Weifang Comprehensive Free Trade Zone (hereinafter referred to as the Zone) is the 14th comprehensive free trade zone in China. With a total planning area of 35km², the Zone includes a bonded area of 5.17km² and a supporting area of 29.83km². The Zone consists of southern zone and northern zone. The southern zone borders Qingdao Airport and Qingdao Port, and provides services to enterprises in Weifang and neighboring regions and cities. Bordering Weifang Port and being oriented towards Northeast Asia, the northern zone offers services to northern coastal area of 2,700km². With different service priorities, the two zones complement and integrate with each other. As a result, the functions and policies of the Zone cover the whole city and reach out to the whole province, shaping a “one body and two wings” development pattern.

The Zone has five functions, namely bonded processing, bonded logistics, cargo trade, service trade, and virtual port. It enjoys bonded entry, tax rebate after entering the Zone, VAT exemption, direct access to port area, collective declaration, fast transit shipment, and other preferential policies. It can boost the economic development of an area with the radius of 300km. It connects Qingdao, Yantai, Weihai, and other inland cities to the east, and serves Zibo, Binzhou, Dongying, and other inland cities to the west. As such, it will exist as an international platform that offers policy services and brings together projects, and advances the economic development of the whole city and even the province.