Binhai sees its GDP increase 1.2 percent

Binhai New Area in Tianjin saw its GDP increase by 1.2 percent year-on-year in the first three quarters of this year.

Meanwhile, other major economic indicators also showed the district's stable progress over the period: fixed asset investment was up by 6.5 percent; foreign trade imports and exports increased by 4 percent; and actual use of foreign and domestic capital increased by 9.3 percent and 27 percent respectively.

Such achievements partially result from the timely and effective policy packages and anti-epidemic measures rolled out by the local government, including cutting taxes, easing financing channels and handing out work resumption subsidies.

According to official data, in the first three quarters of this year, the local government helped 737 enterprises to obtain loans of 22.28 billion yuan($3.32 billion) to get them back to work and reduced taxes and fees for enterprises by 5.99 billion yuan.

In view of the fact that some SOEs had difficulties in paying back loans, the government reduced or exempted 3.99 billion yuan in social insurance premiums for enterprises, and helped about 459 SOEs delay repayments of 7.1 billion yuan.

Among the industries above designated size in the new area, the output value of strategic emerging industries and high-tech providers showed a robust development of more than 6 percent. Its innovation-driven development helped muster new forces of 878 new "young eagle enterprises", 98 "gazelle enterprises" and 2,567 national technology-based small and medium-sized enterprises.

Binhai has become a new base for enterprises as part of Beijing's non-capital functional shift; 879 projects have moved to Binhai with an agreed investment of 216.6 billion yuan.