7Initiatives will be launched in such four key sectors as financing, land, bonded port and tax incentives.

The State Council pointed out that the financial reform of the TNCD will be focused on financial service innovation and pilot reform initiatives of financial institutions; its reform of land administration will mainly cover the rural collectively-owned construction land reform and the exploration of new land administrative methods; enterprises within the TNCD will be able to enjoy preferential tax policies such as the accelerated depreciation of assets, referring to the existing tax incentives of the old industrial bases in Northeast China; and a bonded port will also be set up to further propel the development and opening-up of the TNCD.

In the Suggestions of the State Council of the People's Republic of China on the Related Issues of Promoting the Development and Opening-up of the Tianjin New Coastal District, the State Council explicitly defined the recent working priorities of the TNCD:

Firstly, the TNCD is encouraged to take reform and innovation initiatives in the financial sector. In principle, pioneering reforms concerning financial enterprises, financial businesses, financial market and financial opening-up are allowed to be tested first within the TNCD. Experimental reforms can be conducted in industry investment funds, venture capital investment, mix-operation of the financial sector, multi-ownership financial enterprises, forex management policies, and offshore financing.

Secondly, the TNCD is encouraged to carry out land administration reform. The local land use structure will be further optimized and new land management methods will be created. Experimental reforms will be conducted in fields such as the turnover of rural collectively-owned construction land, the allocation of land revenues, and how to reinforce government¡¯s control over land supply.

Thirdly, the TNCD is expected to expand its opening-up. The Dongjiang Bonded Port Area will be set up. This bonded port area within Dongjiang Port will focus on international relay, distribution, procurement, transit trade and export processing. Positive efforts will also be made to find new administrative solutions to areas under special customs supervision.

Fourthly, the TNCD will also enjoy certain supportive tax policies. Within the administrative territory of the TNCD, hi-tech enterprises which can meet certain criterion will enjoy a preferential income tax rate of 15%. Referring to the preferential income tax policies implemented in the old industrial bases of Northeast China, domestic-funded enterprises in the TNCD can enjoy a higher standard for taxable salary and they are allowed to adopt accelerated depreciation on their fixed assets and intangible assets. With the existing fiscal system unchanged, the central government will also earmark special subsidies for the development and construction of the TNCD within a certain period.