According to a top official Tianjin, a northern port city, is ramping up efforts to attract more high-end homegrown and foreign-funded companies, particularly those in the service sector.
The Chinese city said it would help further speed up regional economic integration with Beijing and the neighboring Hebei province. A coordinated development of the Beijing-Tianjin-Hebei area has been one of China's strategic priorities.
Zheng Weiming, director of the Tianjin Binhai Central Business District Area management committee, said the Tianjin Binhai New Area would be targeting companies that are focused on innovation and would "optimize investment policies and strengthen the necessary infrastructure."
A new high-speed railway line linking Tianjin with Beijing is expected to built in the next five years, according to Zheng.
"There is a growing trend that companies which were incubated in Beijing are choosing to grow up in Tianjin," Zheng said, citing Linkdoc, an online platform collecting healthcare data, as an example.
Since 2015, at least 1,043 Beijing-based companies, with a total registered capital of over 150 billion yuan ($22.67 billion) have started operations in the Tianjin Binhai area. During the first six months of the year, more than 200 high-quality firms from Beijing have set up offices in the city.
"We also want foreign companies to invest here, especially those in the service industry," he said. About 300 Fortune 500 firms currently have units in Tianjin.
Initiated in 2013, the coordinated plan aims to boost synergic development in the Beijing-Tianjin-Hebei region, which was once blamed for China's widening income disparities.
According to a report in March, the region was listed as one of three major projects to promote China's economy We also want foreign companies to invest here, especially those in the services industry."
Zheng Weiming, director of the Tianjin Binhai Central Business District Area committee over the next century, together with the Yangtze River Delta Economic Region, and the Belt and Road Initiative.
A 10 billion yuan government-backed fund was set up in late September to address unbalanced development, tackle pollution and forge a new growth path. (Source: China Daily)
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