China's State Council has approved plans for the creation of a Free Trade Zone in Tianjin.
The FTZ will be located in Tianjin's Binhai New Area district.
It will cover an area of about 120-square kilometers, which will include the Port of Tianjin, the city's airport area and Tianjin's central business district.
Shan Zefeng is the deputy director of the Business Committee of Tianjin.
"We plan to develop modern services in the FTZ including international shipping, logistics and leasing in the Dongjiang Bonded Port Area. As for the airport area, we intend to develop high-end manufacturing, including space flight and aviation, modern equipment development and an electronic information industry. In the central business area, our goal is to create a financial services hub."
The central authorities authorized the creation of Free Trade Zones in Tianjin, Guangdong and Fujian in December.
The Tianjin FTZ is expected to be one of the key selling-points to companies looking to set up operations in the Beijing-Tianjin-Hebei economic zone.