In response to external investors’ questions about innovative policies made for Binhai development, people in Binhai New Area say it is the greatest innovative policy to firstly implement some significant measures for reform and opening-up in the new area that has been approved by the State Council as a national pilot zone for overall reform.

In early June, international private funds were introduced for the development of more than 900 Chinese enterprises, which is the first of its kind on such a large scale and viewed as an innovation in expanding direct financing for Binhai New Area.

The Leading Group for Accelerating Binhai’s Development and Opening-up has been set up recently in Tianjin, with Zhang Gaoli as the leader and Dai Xianglong as the vice leader. Zhang said any idea that is in line with international practice and conducive to innovation and development shall be tried boldly, and a new way for regional development shall be explored to provide experience and demonstration for the national reform.

An overall plan has been devised for Binhai’s reform in Tianjin, focusing on implementing mature supporting reform measures.

Financial reform and innovation have been brought to a new level. For instance, the newly established Bohai Bank has tried comprehensive financial businesses; Its 20-billion-yuan industrial investment fund (the first contractual fund at home) has raised 6.08 billion yuan; Phase I of the venture capital steering fund will be set up recently as a parent fund to attract venture capital institutions and managerial teams to establish commercial fund; The pilot project of foreign exchange management reform including import and export verification system has been initiated.

In Binhai New Area, governments have enhanced their macro-control capabilities by launching pilot projects concerning rural collective construction land transfer and land yields distribution. Management has also been innovated through establishment of new institutions such as land consolidation and banking center, financial management center and infrastructure construction company, as well as planning, land and environmental protection bureaus in Binhai New Area.

Binhai High-tech Industrial Park, jointly constructed by the Ministry of Science and Technology and Tianjin Municipality has been initiated. Efforts will be made to build the park into a leading area where high-tech R&D transfer institutions and high-quality talents gather together. The largest bonded port zone domestically is under construction in Dongjiang Port Area, the first phase of which is to be put into operation by the end of this year.

The planning system for scientific development of Binhai New Area has taken shape initially, including three ecological city areas and eight industrial functional areas. A leader from the administrative committee of the new area said that the development and opening-up of Binhai shall be planned against the background of economic globalization and regional integration, and be pushed forward based on the scientific and harmonious development of the whole society to continuously make breakthroughs.