The central government has given approval to the port city of
Tianjin for its development zone dubbed 'Pudong of North China' by
international investors.
In a statement released yesterday by the State Council the
Binhai New Area was officially designated an experimental zone for
comprehensive reform with short-term emphasis being placed on
financial and related services.
Tianjin is 120 kilometers southeast of Beijing
and Binhai is 50 kilometers away from the city's downtown area.
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 yesterday on the promotion of Binhai's development
organized by the State Council, 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
kilometers, will be turned into a gateway to north China, a modern
manufacturing and research base and an international shipping and
logistics center, 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 receptive
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 emphasis being placed on international
distribution, global procurement and export processing.
The development of the bonded area will be open to international
partners, the announcement indicated.
(China Daily June 7, 2006)