Foreign companies resume work in Tianjin

German auto parts producer Schlote announced that 100 percent of its production had resumed in Tianjin last month, which could help with automobile transmission production for Volkswagen, BMW and ZF brands following production demand globally, a news release said.

Early this month, the city announced a development fund for high-tech firms. Initial government funding of 30 billion yuan was approved.

Aimed at Tianjin's Binhai New Area, the fund is wooing high-tech companies worldwide to invest in Binhai, according to authorities in the 2,270 square kilometer new area.

The authorities expect the fund will grow to a scale of over 100 billion yuan in five years by attracting private funding.

Xia Qinglin, deputy director of Binhai New Area, said it will further promote the port, customs declaration, inspection, shipment and other supporting parts of the industry chain, providing service and support to key foreign trade enterprises.