Business / Economy

Tianjin to expand free trade zone

By Shi Jing ( Updated: 2014-02-14 14:08

Tianjin's plan to expand its free trade zone is likely to get the green light from the central government in the first half of this year, according to recent media reports.

The city will further open up under the plan, with the opened region expanded to include the Dongjiang Free Trade Port Zone, Binhai New District and the port. The FTZ in Tianjin would also have more initiative in terms of finance and administrative examination and approval to further facilitate investment and service trade.

The local government of Tianjin has given top priority to further advancing reform in investment and the service trade in 2014. Recent government executive meetings have put great emphasis on freedom of trade, investment facilitation, completion of financial services, high-end industry agglomeration, operation of the legal system, apparent and efficient regulation and their radiant effects.

Sun Chunlan, secretary of the Tianjin Municipal Committee of the Communist Party of China, stressed that what the city needs most is an open mindset and a broad vision. Such reform should be carried out in boldly and at a fast pace, to make breakthroughs in key areas.

Zong Guoying, deputy mayor of Tianjin, said a comprehensive reform area will be set up in the Binhai New District according to the central government’s requirements, combining a seaport, airport and logistics park.

Binhai New District is now advancing its infrastructure construction. The fixed asset investment will amount to more than 570 billion yuan ($94 billion) in 2014, which will advance the projects that include the seaport, airport, comprehensive transportation, energy security, informatization, a shipping dock, rail transit and clean energy.

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