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Beijing, Tianjin & Hebei area to be economic dynamo
Published on: 2017-02-22
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010The integrated and synergetic development of Beijing, Tianjin and Hebei province- a national strategy preparing the way for the country's next growth engine - is expected to create a global city cluster and fuel the growth of the whole Bohai Bay area in the coming decades, according to China's top economic planner.

Initiated in 2014 by President Xi Jinping, the national strategy of synergizing the development of Beijing, Tianjin and Hebei stemmed from the long-held goal of ensuring balanced and integrated joint development of the area.

Three years later, substantial progress has been made and more innovation-driven projects and industry upgrades are in the pipeline.

This year, the region will witness a dozen integrated projects put into place outside Beijing, and part of the Beijing municipal government moving into an administrative subcenter on the outskirts of the city.

These projects include the new Beijing Daxing International Airport, the second phase of the Shougang Jingtang steel complex at Caofeidian, and several high quality environmental protection and traffic projects.

The Tianjin Pilot Free Trade Zone and Beijing Zhongguancun Science Park also will play a more proactive role, encouraging cross-border investment and financing, equity transactions and entrepreneurship within the region by unifying rules and regulations.

As part of the capital's regional integration strategy, Beijing is tasked with aiding Tianjin and Hebei in upgrading their manufacturing capacity and enhancing their innovation capabilities.

In 2016, Beijing's investment in Tianjin and Hebei skyrocketed. Enterprises from Beijing invested 114 billion yuan in Hebei and almost 90 billion yuan in Tianjin, up 100 and 26% year-on-year. High-tech oriented investment from Beijing to Hebei and Tianjin hit 15.4 billion yuan in 2016, up 38.7% year-on-year.

Newly released statistics show that the aggregate GDP of Beijing, Tianjin and Hebei accounted for more than 10% of the country's total in 2016, reaching 7.46 trillion yuan.

China is seeking more coordinated and balanced growth, and many regional stimulus strategies have been unveiled in recent years.

But under its new strategy, the Beijing-Tianjin-Hebei area is expected to catch up and grow into a world-class city cluster with robust economic power, said Cao Heping, an economist at Peking University.

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