Global 500 invest big in Tianjin Binhai New District

Tianjin Binhai New Districtin has recorded great outcomes in promoting an open economy. Companies on Fortune Global 500 list have developed over 400 projects in the district so far, raising expectations that it will become the first national new district with a GDP topping a trillion yuan.

In this area, the environment for foreign investment has been greatly improved, the accountability system has been instituted in government departments, and government functions and administrative management framework been improved.

The local government has taken the lead in setting up an administrative examination and approval authority; reform of the finance and foreign-related economy have been deepened; the area remains the main engine of the Tianjin Free Trade Area(FTA), and 151 innovation systemic measures developed by the FTA have been implemented.

Last May, the FAW-Volkswagen Corporation began construction of its Northern China Base in the new district with investment of 19.5 billion yuan.

In recent years, actually utilized foreign investment has totaled US$33.25 billion. It pledged more efforts in this field in the next five years, striving to top US$100 billion in total import-export volume by 2021.