China Sees First Regional Regulation on Economic Zone

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Last updated at: (Beijing Time) Wednesday, December 04, 2002

China Sees First Regional Regulation on Economic Zone

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The People's Congress of Tianjin Municipality recently passed the Regulation on Binhai New Area, which, in the form of a law, defined the nature, task, administrative system and management pattern of the Binhai economic zone.

This is a new attempt made by the municipal government on system innovation in an effort to transform government functions and promote economic development and China's first local regulation on economic zone as well.

In 1994 the Tianjin city put forward its plan to construct the Binhai New Area in ten years, which covers an area of 2270 square kilometers including the Tianjin port, development zone, duty-bond area, Tanggu, Hangu and Dagang with a coastal line of 153-kms.

By now the area has become the city's biggest economic growth point and landmark area of opening up. It has realized a GDP of 57.528 billion yuan in the last three quarters, a growth of 19.9 percent over that of previous year, as well as a total export value of 4.763 billion US dollars, up 28.6 percent. It is expected that by the yearend the new area will take up over 40 percent of the city's total in GDP and 55 percent in export.

Seen in the area are 4549 enterprises with foreign investment from 67 countries and regions, with a realized contract value of 17.708 billion US dollars. Besides, with 82 from among the world top 500 enterprises investing here, the area has become one of the economic zones of highest investment returns across the nation, with a total industrial output of 146.338 billion yuan.

According to the regulation, the administrative committee of the New Area is an institution sent by the government. It is responsible for providing macroeconomic guidance and services through mapping out strategies on economic development, economic and industrial policies without breaking up the economic, political and social management systems of working units in the area and without interfering in their internal affairs regarding administration, finance and personnel.

By PD Online Staff Li Heng

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