Tianjin Binhai New Area, a pilot zone of China's economic reform and a promising growth locomotive for North China, is not backing down amid the economic slowdown.

Gou Lijun, director of the Tianjin Binhai New Area administrative committee, said some foreign investors are slowing their pace in funding new projects in Binhai, and the harbor has witnessed decreasing trade transactions.

However, the official, at a press conference organized by the State Council Information Office marking the 30th anniversary of China's opening-up and reform policy, said he is confident on the long-term prospects and Binhai will stick to its reform plan.

The city is also busy preparing for the launch of the Over-the-Counter (OTC) market, the first of its kind in China, Gou said.

He said the OTC launch is still pending the central government's approval, without giving a timetable.

The State Council in 2006 approved Binhai as a designated experimental zone for comprehensive reforms, with financial reform as the priority.

The central government wants to build Binhai as a third economic powerhouse after Shenzhen and Pudong of Shanghai.

Binhai's industrial output grew by about 32 percent year-on-year during the first nine months of this year. The year-on-year growth rate dropped to 25 percent in October.

Despite the slowdown, the Tianjin Port will be able to meet its target of annual container throughput of 8.5 million twenty-foot equivalent units (TEUs) and cargo throughput of 350 million tons this year, said Ou Yonglin, spokesman of Tianjin Port.

(China Daily 12/05/2008 page14)