China's "New Area" programs gain momentum (3)

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 U.S. dollars) 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.