Tianjin to invest $209b in Binhai New Area

Tianjin municipality plans to invest 1.29 trillion yuan ($209 billion) in the city's Binhai New Area, a main territory of the Tianjin Free Trade Zone, Chinese media reported on Wednesday.

The investment in the new industrial park planned for this year alone will reach 366.3 billion yuan while the number of key projects worth more than 50 million yuan will be 1,359, according to the report.

The city aims to grow the total production value of the new industrial zone to 2 trillion yuan by 2020, which is expected to contribute about 200 billion yuan to the city's fiscal revenue, the report quoted Vice Mayor of Tianjin Zong Guoying as saying.