China Unveils Financial Measures to Elevate Tianjin Status within Beijing-Hebei Region

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The central business district of Tianjin.

Tianjin, a key port and China’s seventh largest city lying on the shores of the Bohai Sea, is to step out of the shadow of neighboring Beijing and have its status elevated through focused financial support and regional cooperation.

China’s central bank and regulatory bodies have issued a comprehensive plan to boost the high-quality development of Tianjin, a direct-administered municipality.

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Tianjin, China's seventh-largest city, is getting elevated status through financial support and regional cooperation plans.
A comprehensive plan includes 34 measures to bolster innovation, integrate finance with technology, and enhance green finance.
Major initiatives include a joint credit mechanism for the Beijing-Tianjin-Hebei corridor and improved financial supervision coordination, with 680 billion yuan in loans supporting regional projects as of June 2024.

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What Happened When

2018：: A pilot project for joint credit granting by banking institutions was introduced.

March 2023：: A memorandum of cooperation was signed establishing three key mechanisms for financial supervision coordination between Beijing, Tianjin, and Hebei province.

As of June 2024：: Banking institutions had extended 680 billion yuan ($94 billion) in loans to support Beijing-Tianjin-Hebei coordinated development projects.

AI generated, for reference only