Tianjin asks to be 2nd free trade zone

Tianjin - a port city in North China with a population of more than 14 million - may become the country's second pilot free trade zone, after Shanghai received approval last week.

Zhang Aiguo, director of the Administrative Committee of the Dongjiang Free Trade Port Zone, said the Tianjin municipal government submitted its proposal to the State Council, or China's cabinet, in May to turn the bonded area of Dongjiang, located in the Binhai New Area on the city's eastern coast, into a free trade zone to boost the city's logistics business.

The zone, which will cover an area of about 40 square kilometers, will be built on reclaimed land, and will have an investment of up to 60 billion yuan ($9.8 billion), Zhang said. Construction will be finished in five years.