Tianjin Binhai area's GDP to exceed 1 trillion yuan

Updated 2016-12-20 11:04:04 Xinhua

The gross output of Tianjin Binhai New Area, is predicted to exceed 1 trillion yuan (144 billion U.S. dollars), becoming the most productive of the country's 18 national zones.

In the first three quarters, the GDP of Binhai New Area hit 680 billion yuan, up 10.7 percent year-on-year, data for Binhai New Area government showed Monday.

The area in the northern port city of Tianjin was officially inaugurated in 2010. It covers 2,270 sq km and has a population of nearly 3 million. It also contains major parts of Tianjin Free Trade Zone.

The growth of the area is closely related to its manufacturing and scientific research transformation, said Jiang Ning, vice president of Binhai Research Institute.

Fixed asset investment in the area has reached 1.5 trillion yuan and foreign investment hit 33 billion U.S. dollars.

"High-quality projects have effectively alleviated the economic downward pressure and boosted restructuring, said Zhang Yong, head of the Binhai New Area government.

The area has cut red tape to create a favorable environment for development.

In order to boost regional development, China has 18 national "new areas" -- seven in the east, two in the central region, three in the northeast and six in the west.

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