Tianjin says that it reached its 12th Five-Year Plan (2011-15) goals, with an overall GDP of 1.65-trillion yuan ($252 billion), with an annual increase of 12.4 percent, by supporting scientific innovation and improving the competiveness of its industries, and transforming its economic structure and getting the service industry to account for 52 percent of its economy, overtaking manufacturing.

Total output in Tianjin’s traditional industry, manufacturing, exceeded 3 trillion yuan and there are new industrial bases in electronic information, petrochemicals, and other areas and reforms have provided new vitality. Its China (Tianjin) Pilot Free Trade Zone is in operation and by streamlining its administration and delegating more power to lower levels have increased administrative efficiency.

The private sector is also developing rapidly, accounting for 46.7 percent of Tianjin’s GDP and it has opened more to the outside world and attracted 1.55 billion yuan in domestic investment and $85 trillion in foreign investment with 162 of the Global Top 500 companies and 216 of China’s Top 500 investing here.

At the same time, the Binhai New Area has helped with development, especially in the city center and surrounding counties, with its GDP growing 17.9 percent annually, and accounting for at least 55 percent of Tianjin’s total GDP. Nearby counties have seen robust development, with 31 model industrial parks picking up speed and plans for 54 model towns in place, and 70,000 farmers moved into better houses in towns, giving more of them several sources of income, for example rent or stock returns.

At the same time, living standards have continued to rise and there has been progress in employment and the housing sector, with 2.4 million jobs created over the past 5 years and per capita incomes of urbanites increasing 10.2-percent annually. There are 505,000 more housing units and 50,000 more families getting housing subsidies. Renovation work on older buildings in the city center and run-down buildings in rural areas is finished, benefitting 3.4 million people.

This year is the beginning of the 13th Five-Year Plan(2016-20) and, in spite of the economic slowdown, the economy continues to develop and show progress, with GDP in the first quarter, for example, increasing 9.1 percent, government revenues up 12.8 percent, and investment up 13.8 percent, and domestic investment increasing 12.3 percent and foreign, 12.6 percent.