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Business / Economy

China's 'New Area' programs gain momentum

(Xinhua) Updated: 2012-12-19 17:48

Nansha New District in Guangzhou is expected to lead industrial restructuring in the Pearl River Delta and serve as an important platform for the cooperation between Guangdong province and neighboring Hong Kong and Macao special administrative regions, according to Ding Li, director of the Regional Competitiveness Research Center with the Guangdong Provincial Academy of Social Sciences.

In the long run, the development of the Nansha New District will provide experiences to China's economic reform, Ding said.

Being included in the national strategy of development gives the new areas more advantages in attracting capital, technology, labor and information for greatly prompting regional development, according to experts.

Extensive reform and opening up have brought enormous changes to Tianjin's Binhai New Area. Its gross domestic product (GDP) is expected to hit 720 billion yuan ($114.5 billion) this year, up from 503 billion yuan in 2010.

There has been at least one new foreign company registering in the Binhai New Area every day this year. So far 151 companies among the Fortune Global 500 have invested in Tianjin, most of which are settled in the Binhai New Area.

Genzyme Corporation, a leading global pharmaceutical company, has set up its regional headquarters in the Binhai New Area, not only for its preferential policies but for its promising future, said its Senior Vice President Richard J. Gregory.

What the new areas have contributed is not only GDP, but also institutional innovation.

The Binhai New Area has deepened the reform in administration and social management, land management and finance innovation. The financing lease business there accounts for a quarter of China's total.

In addition to the national level development areas, some pilot zones have been set up to test specific reforms.

Qianhai in Shenzhen city, which neighbors Hong Kong, has made progress in finance innovation. The area is used as a testland for China's financial opening up, after steps taken by the government to increase the international use of the yuan, the Chinese currency.

More than 180 financial enterprises had registered in Qianhai by the end of November, accounting for 76 percent of all the companies introduced into the area, said Zhou Ziyou, deputy head of the Qianhai Administration Bureau.

China's top leader Xi Jinping vowed during his inspection trip to Guangdong from December 7 to 11 "no stop in reform, and no stop in opening up." It was his first inspection tour outside Beijing since being elected general secretary of the Communist Party of China Central Committee last month.

The expansion of new areas adapts to the trend of reform and opening up and will serve as an impetus to China's growth in the coming decades, said Zhou Liqun.

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