The port city of Tianjin has finally won the central government's approval for its development zone dubbed "Pudong of North China" by international investors.

In a statement released yesterday by the State Council, the cabinet, Binhai New Area was officially designated an experimental zone for comprehensive reform, with a short-term emphasis on financial and allied services.

Tianjin is 120 kilometres southeast of Beijing; and Binhai is 50 kilometres away from the city's downtown.

For the last couple of years, the Binhai plan has been promoted by the municipality's officials as of key importance for the port city's future development.

But the significance of the Binhai New Area will be far greater than the potential benefit for just one city.

At a meeting on promoting Binhai's development organized by the State Council yesterday, Vice-Premier Zeng Peiyan said: "The development of Binhai New Area is of strategic importance in China's economic and social development. Its development will promote the growth of Beijing and Tianjin municipalities, Hebei Province and areas around the Bohai Sea."

(For more biz stories, please visit Industry Updates)