The Tianjin Pilot Free Trade Zone (Tianjin FTZ) experienced rapid development since its launch on Dec 31 last year, according to a press conference on July 21.

The number of new corporations in the three areas of the Tianjin FTZ – Tianjin Port Dongjiang Area, Central Business Area, and the Tianjin Airport Area - reached 7,053 between January and June, 109 percent more than last year.

The total registered capital reached 174 billion yuan ($28 billion), increasing 248 percent,according to Zhang Tiejun, deputy director of the Binhai New Area in Tianjin.

Most of the new companies were domestic capital businesses. A total of 6,240 corporations had 112 billion yuan ($18 billion) of registered capital. The number of foreign investors was only 280. But the amount of registered capital was huge, reaching 61.9 billion yuan ($10 billion). In addition, around 533 individual businesses were added in the area with registered capital of 44 million yuan ($7.1 million).

The three areas of the Tianjin FTZ grew at different rates. The Tianjin Port Dongjiang Area grew fastest, at 202 percent per year, and had the largest amount of registered capital, 90.4 billion yuan ($14.6 billion).