According to the latest statistical data publishedby Tianjin Bureau of Statistics, the 2007per-capita GDP of Tianjin was US$ 6,065, withan increase of 11.5 percent year-on-year. Thefigure was calculated on permanent populationof Tianjin, the biggest coastal and openingupcity in North China. That makes Tianjinresidents’ living standard reach the level ofmedium developed countries and regions.

During recent years, Tianjin thoroughly appliesthe scientific outlook for development, sparingno efforts to promote scientific, harmoniousand leading development. The city further acceleratesthe development and opening up of itsBinhai New Area. As a result, its overall economicstrength has been upgraded to a new level.

In the year of 2007, Tianjin’s GDP hit RMB505.04 billion yuan, with its overall economicsize increasing by RMB 300 billion yuan in fiveconsecutive years. Per capita GDP in Tianjinreached US$ 6,065 in 2007, with an increase ofUS$ 2,939, or 13.1 percent higher, over 2003’sUS$ 3,126 based on comparable price.

A new round of development and openingup in the Binhai New Area has injected greatmomentum for Tianjin’s economic growth.The comprehensive reform and experimentaldevelopment is put into practice in Tianjin,fueling a new development and opening-upboom. In 2007, the New Area’s GDP totaled atRMB 236.408 billion yuan, accounting for 46.8percent of the economic size of the city.

Tianjin’s industry is a major driving force forits economic growth, while the city’s servicesector speeds up remarkably. In 2007, addedvalue from the city’s industry hit RMB 266.187billion yuan, accounting for 52.7 percent in thecity’s economy, and contributing 58.8 percentto the city’s economic growth. The added valueobtained from the service sector reached RMB204.768 billion yuan, up 14.3 percent year-onyear.It is the best performance for Tianjin’sservice segment in the past decade.

With accelerated economic development inthree layers and deepening opening-up bothexternally and internally, Tianjin has attractedabundant investments. Total investment inTianjin is growing, with investment structureoptimized. Major projects have been goingforward step by step. Consequently, consumingdemand is picking up. The total retailing ofconsumer goods has risen to RMB 160.374 billionyuan last year, up by 18.2 percent year-onyear,which is the highest in the past decade.

The residents’ consumption structures andstyles are transforming towards entertainmentandimprovement-oriented. Consumers caremore about the brands and personality display,when shopping for clothes. The standard ishigher. The upgrading of household appliancessuch as flat televisions, digital products, refrigeratorsand washing machines is speeding up.Tourism and sightseeing have become a fashion.Modern transport and telecommunicationdevices are more popular now. By the end of2007, every 100 families have owned 5.6 privatecars and 162.3 cell phones.