Economic review

Tianjin hopes new industrial engines will put it back on track

2018-03-07 16:03:00 (Beijing Time)


Two engineers examine the equipment of Tianhe at the National Supercomputer Center in Tianjin. (Photo provided to China Daily)

Tianjin seeks quality economic growth to regain its vigor, Li Hongzhong, the city's Party chief, said on Tuesday

"The city used to be China's industrial center where a number of leading industrial products like Flying Dove bicycle, Sea Gull watch, Peony sewing machine, Oriental camera were born, but the 'old industrial path' can't sustain our economic growth," he said during the annual Two Sessions. [Special coverage]

Now the northern port is looking at new industrial engines, including Tianhe I supercomputer, and new research fruitions made by emerging research institutes.

The city's research spending has reached 3 percent of the local GDP, the Party chief said.

Early this year, the city announced its 2017 GDP growth was 3.6 percent, dropping from 9 percent in 2016.

"We now pin hopes on the city's intelligent manufacturing sector and the opportunities brought by the synergic development among Beijing, Tianjin and Hebei," he said.

Over the past few years, many industrial parks aimed at boosting the region's development have taken shape in Tianjin, including the Binhai-Zhongguancun Sci-tech Park, Future Science Park Beijing-Tianjin Cooperation Model Zone, Wuqing Beijing-Tianjin Industrial New Town, Baodi Beijing-Tianjin Zhongguancun Sci-tech Town and Beijing-Tianjin-Hebei Big Data Experimental Area.

The Chinese Academy of Sciences and Tsinghua University have set up research organs in the city too.

The Tianjin Free Trade Zone is on its high gear, and a Beijing-Tianjin-Shanghai free trade area is also underway.

"All these are paying ways for Tianjin to regain its vigor," Zhang Guoqing, mayor of the city, said.

He said a better investment climate is cementing Tianjin's attractiveness among entrepreneurs despite the slow economic growth.

"We have mapped out 61 documents to inspire entrepreneurs' confidence to continue their investment in the city," he said.

A better livelihood for local residents is a priority, the mayor said.

Last year the city spent 75 percent of the government expenditure to address the livelihood of the grassroots.

This year, it vows to help renovate 450,000 sq m of dilapidated houses.

A total of 20,000 affordable departments will be built, and 138,000 families will be provided with housing subsidy this year.