Binhai tipped to be next free trade zone

Binhai is highly likely to become China's next free trade zone after completing the submission of all necessary documents, Zong Guoying, chief of the Tianjin Binhai New Area, was quoted as saying by China Securities Journal on Tuesday.

Binhai will promote all the infrastructure construction needed in the next few years.

It is estimated that fixed investment in Binhai will be 570 billion yuan ($93.5 billion) next year, the newspaper reported. It is the first time that Tianjin has disclosed the progress in Binhai.

Under the State Council's approval of the pilot framework plan for comprehensive reform of the Tianjin Binhai New Area, Binhai will mark an important attempt in exploring the establishment of a free trade zone in Tianjin.

Binhai New Area covers 2,270 sq km and the estimated reclamation area is about 500 sq km.

Tianjin Port Co will start planning the Dongjiang Island duty-free shopping hub this year. It plans to invest 50 billion to 60 billion yuan in a reclamation area covering about 40 sq km, scheduled to be completed within five years.