The Binhai New Area of Tianjin, a traditional industrial center in north China, hopes to enhance economic cooperation with the United States, which has contributed one third of foreign direct investment (FDI) in the new area.

The hope was expressed by Pi Qiansheng, director of the organizing committee of the new area, at the ongoing Sino-U.S. financial symposium held in Tianjin.

The Binhai New Area was China's third major development area after Shenzhen in southern Guangdong Province and the Pudong New Area of Shanghai in eastern part of the country.

The Central Government has ordered the Binhai New Area to develop itself into an international shipping and logistics hub and a modernized manufacturing base for northern China, Pi said.

By 2010, the Binhai New Area will realize 320 billion yuan (40 billion U.S. dollars) in gross domestic product, with an annual growth rate of 17 percent. The GDP will increase to 1 trillion yuan (125 billion U.S. dollars) by 2020, according to Pi.

Pi said the opening-up and development of the Binhai New Area is creating favorable conditions for its cooperation with the United States and other countries and regions.

The area has attracted 16 billion U.S. dollars in foreign capital, with 70 Fortune 500s launching 152 projects there.

Of the total FDI, nearly one third, or 5.07 billion U.S. dollars, came from 325 U.S. companies, including such big names as Motorola, Boeing, IBM and Pepsi.

Source: Xinhua