Weifang accelerates opening-up with strong trade, investment growth

Weifang in East China's Shandong province is becoming an active center for foreign trade and investment, driven by new policies and partnerships that have strengthened its integration with the global economy during the 14th Five-Year Plan (2021–25) period, as stated at a recent press conference on the city's foreign trade achievements.

Weifang's total import and export volume has surpassed 300 billion yuan ($42.1 billion), placing it 26th among major Chinese cities. The city now represents 10.6 percent of Shandong's foreign trade, with an average annual growth rate of 17.1 percent, notably higher than national and provincial averages.

Foreign investment has also grown significantly. The city's actual use of foreign capital has exceeded $4.8 billion since 2021, attracting investors from 59 countries and regions. A total of 641 new foreign-funded enterprises have been established, including the China headquarters of Petronas International Lubricant, the first Fortune Global 500 headquarters in Weifang. Global giants such as Caterpillar and Bora Group have launched 14 major projects in the city, driving the share of manufacturing in total foreign capital utilization to 56.8 percent.

To further boost enterprise competitiveness, the China Council for the Promotion of International Trade Weifang Committee has launched a range of practical services. It has set up a Free Trade Agreement (FTA) service center and an online RCEP platform, offering one-stop support for overseas operations. During the current plan period, the committee issued more than 200,000 trade certificates and helped local enterprises save 400 million yuan in tariffs.

Meanwhile, Weifang Customs has streamlined trade procedures through "cloud-based" and "intelligent" certificate systems, cutting processing time by over 85 percent. It has issued 330,000 preferential certificates of origin, providing more than 1 billion yuan in tariff relief. Exports of "new trio" products — electric vehicles, lithium batteries, and solar panels — have grown nearly fourfold since 2020.

"We are building a new high-standard hub for opening-up," said Zhang Hua, director of the Weifang Foreign Affairs Office. He noted that tailored programs — including agricultural cooperation initiatives and enterprise support services — have connected foreign delegations with local companies, helping over 1,100 businesses attract new partners and generate export and investment opportunities worth more than 500 million yuan.