Tianjin(GB)  |  Binhai(GB)  |  TJTV  |  Tianjin Free Trade Zone  | 

About Enorth.com.cn
  |  Chairman & President  |  Web Channels 
Home | News | Photo | Biz Tianjin | Travel in Tianjin | Learn About Tianjin | Talents in Tianjin | Binhai New Area

your position :enorth.com.cn > English > business > 经济亮点  content
China's New Wall Street
enorth.com.cn   2007-09-13 11:49


(forbes)HONG KONG - The industrial port city of Tianjin has long been a conduit for goods to distant lands. Now the Chinese government is grooming it to play the same role for money.

In a move that is part of a campaign to turn the northeastern city into the country’s second financial center after Shanghai and its main venue for overseas transactions, the government on Monday named Tianjin as the location for a ground-breaking experiment to allow individual Chinese to invest directly in the Hong Kong stock market.

The new outward investment scheme, the biggest relaxation yet in the country’s rigid foreign exchange control regime, is intended to provide a release valve for some of the money that is piling up in China due to its trade surplus and robust inward investment, which is stoking inflation and putting upward pressure on the yuan.

The country’s cabinet, the State Council last year announced that it would develop the city of 12 million people as a special economic zone, similar to Shenzhen and Shanghai’s Pudong area, with the aim of using it as a principal testing ground for “important reforms” related to financial affairs and financial liberalization.

Whereas Shanghai focuses on domestic capital markets, the idea is to turn Tianjin into a financial center for direct finance, venture capital and foreign exchange.

Tianjin developed into an important international trading city in the 19 th century. It was Republican China's second-largest financial, industrial and trade center after Shanghai.

Much like the Pudong financial district in Shanghai, Tianjin also has its own showcase neighborhood: the Tianjin Binhai New Area, a 2,270-square-km stretch of land along the coast, complete with a free trade zone, a financial street and the nation’s largest bonded port area.



Most Popular

Binhai heart to Tianjin's plans
Tianjin Tianlian to get 3b yuan injection
Tianjin: promoting the energy saving level through the optimization of structure and the improvement of awareness
Tianjin High-Tech Developmental Park improves independent innovation capacity
Tianjin builds 20 important service projects
Tianjin-Binhai Light Railway makes a breakthrough in passenger flow
Memory of An Jihe, Engineer of Tianjin Tiantie Group
Tianjin Railway Station Rebuilding Project to be finished in late 2007
Tianjin Petrochemical makes all-out to forge a state-level petrochemical base
Tianjin Binhai to attract foreign investment
Tianjin gives priority to the development of public transport
City card is available in Tianjin now
Tianjin Invests 14 Million yuan, Wuqing 180 Thousand Farmers No Longer Drink Fluoric Water
“General Director” Zhang Lili Wants to Build China’s Biggest Free Trade Zone
Tianjin: “Underwater Express” passing through Xidahu Lake

Editor: Zhang Jialu

Copyright (C) 2000-2008 Enorth.com.cn, Tianjin ENORTH NETNEWS Co.,LTD.All rights reserved