Ningbo Free Trade Zone (NFTZ) was established in 1992 upon the approval of the State Council.It is one of the 15 free trade zones authorized by the State Council of China, and is the only free trade zone in Zhejiang province. Covering an area of 2.3 square kilometers, the zone consists of an East Area, West Area and South Area.

Located to the east of Ningbo, with Ningbo Beilun Port, the second largest port in China as its neighbor, NFTZ has a complete transportation network composed of expressways, railways and by sea.

Ningbo Export Processing Zone (NEPZ) was set up in 2002, one of the second batch of export processing zones authorized by the State Council. Joined with South Area of NFTZ, NEPZ covers an area of 3 square kilometers. Ningbo Bonded Logistics Park (NBLP) was established in 2004, one of the first eight trial areas authorized by the State Council to carry out integrated operations between the free trade zone and the port. Located at the back of the fourth phase wharf of Ningbo Port, the zone covers an area of 0.95 square kilometers.

The Chinese government has authorized NFTZ, NEPZ, and NBLZ special policies and functions. NFTZ enjoys special policies such as being "exempted from licenses, exempted from duties, and bonded duties" under special customs custody.

The NEPZ and NBLP, NFTZ have three major functions: import and export processing, international trade and warehousing logistics.

NFTZ has advanced the development of manufacturing industry and modern service industry, including international trade, advanced manufacturing, including TFT-LCD, IC, and computers, warehousing and logistics.

A growing modern logistics center and trading center, NFTZ has attracted many investors from home and abroad with its unique functions, position, and policy advantages. Up to now, more than 6,600 companies from some 60 countries have invested there.

In 2015, NFTZ's GDP totaled 17.5 billion yuan ($2.62 billion), with a year-on-year increase of 7.5 percent; its revenue reached 4.15 billion yuan, with a year-on-year increase of 6.7 percent; its total industrial output totaled 36 billion yuan, with a year-on year increase of 5 percent, and its volume of international trade reached $13.29 billion, with a year-on-year increase of 1 percent.