By Zhu Zhe (China Daily)
Updated: 2007-11-08 15:04

A document from the State Council, China's cabinet, released last year pinned high hopes on the Binhai New Area aiding the development of other neighboring regions.

The area recorded a 172 billion yuan ($22.6 billion) of gross product in the first nine months of this year, up 20 percent year-on-year. It is estimated that by the end of the year, the figure will reach 236 billion yuan, about the same as the gross product last year of Shanghai Pudong.

It is expected by 2010 the area's gross product would reach 350 billion yuan, with an annual growth rate of at least 17 percent, higher than the current 14 percent annual growth rate in Shanghai Pudong.

Song said they were confident the goal would be achieved and also revealed that cooperation agreements with other ports along the Bohai Sea, such as Tangshan and Yantai, to had been reached.

"The Party Congress report has said that the Binhai New Area must play a role in independent innovation, pinning high expectations on us," Song said.

"We've planned a hi-tech zone and a modern manufacturing zone and we're expecting more enterprises to establish their research and development bases here."

It is expected that by 2010, half of its industrial output would come from hi-tech industries.

The State Council has also allowed the Binghai New Area to conduct a range of financial reforms, including experiments in reforming the scope of the banking business, ways of fund-raising and control of foreign exchange.

Some observers believe the experience gained here would be of great significance to any national financial reform.

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