N. China's Tianjin injects RMB32.57 million spending to support innovative development of trade in services

North China's Tianjin has recently launched a fiscal spending of 32.57 million yuan to support the city's innovative projects in trade in services sector, reported Shanghai Securities News on Thursday.

According to the Tianjin Finance Bureau, the contracts executed by enterprises from January 1, 2018 to June 30, 2019 will enjoy the financial support from three aspects including supports on trade in services public service platform construction and international service outsourcing, and discount interest supports for import services and technology export business.

In recent years, Tianjin's trade in services has developed rapidly thanks to the government's financial support.

In 2019, Tianjin has achieved 530 million U.S. dollars in technology exports and the service outsourcing companies have achieved a total value of 1.91 billion U.S. dollars in offshore execution with a year-on-year increase of 23.4 percent.

In addition, 72 countries and regions have issued contracts to Tianjin in 2019, of which the total business execution of countries along the Belt and Road Initiative (BRI) increased by 113.3 percent year on year.