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Tianjin aims to boost machinery manufacturing investment

By Tong Hao (chinadaily.com.cn)
Updated: 2009-04-08 16:56

Tianjin plans to invite annual investment of 90 billion yuan ($13.16 billion) in the machinery manufacturing industry from 2009 to 2011, said an industry supervisor.

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Recommended sectors for investors are automaking, aviation, electronics and machine tools, said Wang Zuqiang, vice chairman of Tianjin Machinery Association.

The average investment in the industry from 2006 to 2008 was 71.6 billion yuan per year.

In 2008, the machinery manufacturing industry in Tianjin realized revenue of 547 billion yuan, an 18 percent increase over the previous year.

The city aims to raise the gross output value of the industry to 1.09 trillion yuan in 2011.

Currently, 34 major machinery manufacturing projects are under construction in Tianjin, with a total investment of 170.6 billion yuan, covering industries such as auto, aviation, wind power and electronics.

Wang said Tianjin has close ties with Beijing through expressways and high-speed railways, which is a big attraction for investors.