The China (Tianjin) Pilot Free Trade Zone will play a major role in the "Belt and Road Initiative" when it is unveiled on Tuesday, boosting economic growth in the region.

 

Areas such as high-end manufacturing and port development will help turn Tianjin municipality into a pioneering FTZ, the State Council Information Office said on Monday.

 

As part of China's second batch of free trade zones, the city will lead the joint development of Beijing, Tianjin and Hebei province, and improve the region's overall competitiveness.

 

The central government hopes to make Tianjin FTZ a pilot zone for institutional innovation. "In three to five years the Tianjin FTZ will be built into a national free trade zone that enjoys investment liberalization, clusters of high-end industries, financial services," said Yan Qingmin, vice-mayor of Tianjin.

 

Tianjin FTZ will also take a major role in shipping services, maritime finance and law by working closely with the Shanghai Shipping Centre. In October 2014, the State Council approved a new round of expansion to open up the waters and shorelines around Tianjin to the outside world. 

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