14th 'New Area' Established As Growth Engine in China
Chinese authorities have developed altogether 14 new state-level areas for regional development, China News Service reported, citing an economic official.
On Wednesday, the State Council approved establishment of Fuzhou New Area, which will be China's 14th since the Pudong New Area in Shanghai was launched in 1992. This was followed by other new areas in Tianjin, Chongqing, Zhejiang, Gansu and Guangdong, amongst others.
A leading official of the Regional Economy Department under National Development and Reform Commission (NDRC) said new areas with advantageous locations have great potential to bolster regional development amid a downward trend.
The "National New Areas development Report 2015" issued by the NDRC on Wednesday said GDP growth in the Pudong New Area is 16 percent, nine percent higher than in Shanghai, the Binhai New Area is 15.5 percent, 5.5 percent higher than in Tianjin, and the Lanzhou New Area is 33 percent, 24.1 percent higher than in Gansu province.
The official said new areas including FTZs could also be a platform of system and mechanism innovation. Unlike traditional development zones and hi-tech areas, national new areas integrate city development, population agglomeration and industrial development, it was added.