In March 2008, Tianjin was authorized to establish the Over-the-Counter (OTC) market. In July, First Futures Brokerage headquarter was moved to Tianjin. Tianjin will give priority to the development of futures in its efforts for financial reform and innovation. As the financial agglomeration effect in Tianjin appears and a series of reform innovation have been put into action in the Binhai New Area, a modern financial service system comes into shape.

As early as December of 2005, when China had no clear laws governing industrial funds, the State Council gave a green light for the Binhai New Area to run pilot projects concerning industrial investment funds. In December 2006, the first Chinese-funded private equity fund — the Bohai Industrial Investment Fund was founded in Tianjin.

In March 2008, the State Council approved the general scheme of comprehensive reform and experimental development in Tianjin, the Binhai New Area to be more specific. The OTC market of nationwide non-listed public companies is to settle in Tianjin Binhai New Area, which is a significant exploration of Chinese multi-level capital markets and the OTC market.

In June 2009, the 3rd China International Private Equity Forum was held in Tianjin, where nearly 1,700 enterprises and 560 PE funds from 30 countries and regions took part in the event.

In addition to all these efforts, Tianjin still has lots of projects and programs in hand to achieve the overall aim of financial reform and innovation. The city is expected to perform well in the pilot reform of foreign exchange management, intensifying the foreign exchange management reform in special economic regions such as Tianjin Port bonded zone and Dongjiang Bonded Port Area and establishing TEDA International Financial Holding Group, developing comprehensive pilot business and planning the construction of a financial town and a financial service area of international level in Tianjin. A series of measures shows that a modern financial service system is being built in Tianjin with acceleration.

In June 2006, the State Council’s Opinions on Questions Concerning the Promotion of Development and Opening of Tianjin Binhai New Area clearly points out that financial reform and innovation in Tianjin Binhai New area should be encouraged. Significant pilot projects in financial enterprises and financial market can be first tested in Tianjin Binhai New Area.

In March 2008, the State Council officially approved the general scheme of comprehensive reform and experimental development in Tianjin Binhai New Area and required that “using five to ten years to basically finish establishing a sound socialist market economy system in the Binhai New Area, to facilitate the new area improving its comprehensive strength, creative ability, service ability and international competitiveness. Thus the New Area can play a more vital role in promoting the development of Tianjin, the economic revitalization of Beijing-Tianjin-Hebei area and circum-Bohai region. Also the New Area can promote the interaction of eastern, central and western China, and the coordination of the national economic development, and provide the experience and demonstration for the development and reform of the whole nation as well.”