Learn Chinese - Tianjin gets the nod for new-area plan

CHINA / National

Tianjin gets the nod for new-area plan
By Liu Jie (China Daily)
Updated: 2006-06-07 05:49

The port city of Tianjin has finally won the central government's
approval for its development zone dubbed "Pudong of North China" by
international investors.

In a statement released yesterday by the State Council, the cabinet,
Binhai New Area was officially designated an experimental zone for
comprehensive reform, with a short-term emphasis on financial and allied
services.

Tianjin is 120 kilometres southeast of Beijing; and Binhai is 50
kilometres away from the city's downtown.

For the last couple of years, the Binhai plan has been promoted by the
municipality's officials as of key importance for the port city's future
development.

But the significance of the Binhai New Area will be far greater than the
potential benefit for just one city.

At a meeting on promoting Binhai's development organized by the State
Council yesterday, Vice-Premier Zeng Peiyan said: "The development of
Binhai New Area is of strategic importance in China's economic and social
development. Its development will promote the growth of Beijing and
Tianjin municipalities, Hebei Province and areas around the Bohai Sea."

The Binhai New Area, which covers nearly 2,300 square kilometres, will be
turned into a gateway to North China, a modern manufacturing and research
base and an international shipping and logistics centre, he said.

A series of experimental schemes will be launched in Binhai, according to
the State Council announcement, including financial initiatives, land
administration methods, a bonded area and preferential tax policies.

The government will allow Binhai to pilot key reforms related to
financial services and the capital market, and to be more open to
international business development. Experimental schemes may also cover
areas of venture capital, foreign exchange administration and offshore
banking.

The reform in land administration will focus on efficient use of
available resources. Tianjin Dongjiang Bonded Area will be set up in the
new area with an emphasis on international distribution, global
procurement and export processing.

The development of the bonded area will be open to international
partners, the announcement indicated.

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