The port city of Tianjin has managed to sustain its momentum of economic growth as evident in its continually increasing gross domestic product (GDP). For the third consecutive quarter, Tianjin has managed to report a year-on-year increase in its GDP. This has resulted in an overall 4.6 percent growth for the first three quarters of the year.
Tianjin had reported a GDP expansion of 9 percent in 2016, which was then followed by a drop of around 3.6 percent in 2017. GDP growth eventually ramped up in the years that followed, eventually reaching $212.3 billion for the third quarter of 2019.
The deputy head of the Tianjin Municipal Statistics Bureau, Chu Liping, stated that she expects the city's GDP upward trend to continue in the coming quarters. This is partly due to the city's strong economic fundamentals, which all point towards an upward direction.
Chu attributed Tianjin's continued GDP growth to the recent enhancements in its industrial structure. The enhancement has resulted in rapid development in intelligent manufacturing, bolstered by the influx of companies looking to move away from China's more congested industrial centers.
For the first three quarters of the year, Tianjin reported new investments of up to 10 billion yuan from domestic corporations who have since expanded their operations and manufacturing into the city. The additional funds from domestic companies account for around 46.4 percent of Tianjin's total newly arrived investments.
Investments from foreign corporations have also managed to boost the city's output, which is mostly thanks to its implementation of more favorable policies and industrial restructuring. According to city officials, Tianjin had approved 521 foreign companies during the first three quarters of the year. The foreign companies invested an estimated $19.3 billion in various projects around the city during the period.
Foreign companies such as Russia-based cyberspace security solution provider Kaspersky had previously stated that Tianjin has become a very attractive location for expansion given its strong development competence. Tianjin's policy reforms have also resulted in a stronger support system for foreign businesses, including faster processing and easier collaboration with other offices and manufacturing centers.
To further attract domestic and foreign companies to invest in Tianjin, the city's Municipal Development and Reform Commission has announced plans to further improve its business environment. The agency's 14th Five-year Development Plan aims to have companies contribute their proposals to enhance Tianjin's advanced technology sector by optimizing its business climate.
Last week, Tianjin officials launched a program to seek the public's opinion on several of its proposals to improve the city's business environment. The proposals include lowered thresholds for property acquisition, specifically for those who are working in the city's high-tech parks.
