Supply-side reform key to continued growth

Tianjin Meijiang Convention and Exhibition Center is the main venue for the Summer Davos forum. [Photo provided to China Daily]

He said Tianjin made remarkable progress in this aspect last year by reforming its business registration system to facilitate business startups and by building maker spaces for innovation and entrepreneurship.

The Binhai CBD Area of the Tianjin Pilot Free Trade Zone is the major venue for mass innovation and entrepreneurship with 11 maker spaces, according to the mayor.

He also said the Tianjin municipal government has set aside 6 billion yuan as a risk compensation fund for bank lending to micro and small enterprises.

According to Tianjin's 13th Five-Year Plan (2016-20), the city aims to become an industrial innovation center with national and international influence.

Huang said to achieve this goal, Tianjin should follow an innovation-driven strategy to boost local development.