The Binhai New Area will provide a beachhead for economic
reforms designed to transform Tianjin from an industrial hub to an
economic center for North China by 2012, acting mayor Huang Xingguo
said yesterday.
Speaking at the opening of the municipality's people's congress,
Huang said that, as the key to Tianjin's future development and
closely related to regional and national economic prosperity as a
whole, Binhai will push for innovations in administration and
experiment with a series of crucial reforms.
"We will spare no effort to increase the ratio of direct
financing, developing private equity funds and introducing all
categories of financial institutions," Huang said.
"We will expand our work on insurance reform and set up a
national base for financial reform and innovation at the Binhai New
Area."
The Dongjiang Bonded Harbor Area in Binhai will also see new
measures for customs administration.
"We will adopt special policies on customs administration,
trading, investment and shipping at Dongjiang and do our utmost to
build up a free harbor area," Huang said.
But building up the infrastructure of Dongjiang will not be
easy, Yu Rumin, president of Tianjin Port (Group) Co Ltd, said.
Enriching the functions of the bonded area will be a challenging
mission, he said.
"This year, we will work more to enhance the designed functions
of the bonded area in international trade, transit trade and the
export-oriented processing industry," Yu said.
Located in Binhai, Tianjin Port is expected to reach a turnover
of 450 million tons of goods and 15 million standard containers
within five years.
"Eventually, we aim to concentrate a large number of industrial
segments in the Tianjin harbor area and enhance the economic
development of the pan-Bohai Bay area," Yu said.
By 2012, Tianjin's position as an international harbor city
should be strengthened and its position as the economic center of
North China should be established, Huang said.
By that time, Tianjin's GDP will be 1 trillion yuan ($138
billion).
The Binhai New Area of Tianjin, which covers nearly 2,300 sq km,
is designed to be a gateway to North China, a modern manufacturing
and research hub and an international shipping and logistics
center.
A series of experimental approaches are planned as part of the
Binhai development, including financial initiatives, bonded areas
and preferential tax policies.
The Dongjiang Bonded Area in the Binhai New Area will emphasize
international distribution, global procurement and export
processing.
(China Daily January 23, 2008)
