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Binhai's GDP exceeds Pudong for the 1st time

By Song Jingli (chinadaily.com.cn)
Updated: 2010-12-28 15:31
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Tianjin Binhai New Area's Gross Domestic Product (GDP) amounted to 223.13 billion yuan （$33.68 billion）in the first half of this year, exceeding the 222.66 billion yuan generated by the Shanghai Pudong New Area, the China Business News (CBN) reported Tuesday.

This is the first time that Binhai's GDP exceeds that of Pudong.

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Tianjin Binhai New Area located in North China, near Beijing, generated 380 billion yuan in GDP in 2009, while Shanghai Pudong New Area generated 400 billion yuan.

Binhai's development is mainly driven by investment on resources and projects, CBN reported, citing a source at one company in this area.

After kicking of 375 projects with an investment over 50 million yuan each in 2009, Binhai planed another 455 projects on the same scale at the beginning of 2010, with total investment up to 959.8 billion yuan.

Fixed asset investment in Tianjin Binhai hit 306.9 billion yuan, up by 38.5 percent year-on-year during the first 11 months of this year.