The Binhai New Area (BNA)'s banking sector develops very rapidly, thanks to economic and financial development of North China's port city of Tianjin and policies on development of the newly approved economic zone.

By the end of June, total deposits in the BNA's banking outlets hit 130 billion yuan (US$16.42 billion), up 14 percent from the beginning of this year or up 26.4 percent year-on-year. The figure was 7.7 percentage points higher than the port city's average level. The newly added deposits stood at 15.9 billion yuan in the first half of this year, 8.6 billion yuan more than the same period of last year.

The development of the BNA brought historical opportunities for its banking industry. The BNA has great potential for the development of its financing services thanks to its role as an economic zone and its financial development plan, industry insiders said.

More Chinese funded and foreign funded banks are very optimistic about the future of the Binhai New Area and have started to research on expanding their presence to the new coastal area in Tianjin which should be developed into a gateway to North China, the Tianjin Daily reported.

Tianjin City Commercial Bank, Europe's biggest bank HSBC and Chohung Bank of South Korea have opened their branch in the new area. Motorola applied to set up its financial company in the new area. Bank of East Asia, Woori Bank of South Korea, Muziho Cooperate Bank of Japan, Japan's Bank of Tokyo-Mitsubishi UFJ, Citibank and Standard Chartered Bank also attempt to establish their offices in the new area, the report said.

The People's Bank of China Tianjin branch will seize the strategic opportunity of the newly approved economic zone to provide strong financial support for its economic and social development, said the branch's director Guo Qingping.

Until now, the BNA has 407 outlets of various banks and financial institutions: one outlet of a policy bank, 228 outlets of large State-owned banks, 19 of joint-stock banks, 28 of city commercial banks, 64 of financial institutions of agricultural cooperation, two of foreign-funded banks and 71 of the postal deposit network.

143 outlets are distributed in Tanggu District, 54 in Hangu District and 128 in Dagang District, 63 in Tianjin Economic-technological Development Area and 18 in Tianjin Bonded Area.

The 63 outlets in Tianjin Economic-technological Development Area consists of one outlet of a policy bank, 39 of large State-owned banks, 10 of joint-stock banks, 5 of city commercial banks, 3 of financial institutions of agricultural cooperation, 3 post outlets and 2 of foreign-funded banks.

The 18 outlets in Tianjin Bonded Area are comprised of 10 outlets of large State-owned banks, 6 of joint-stock banks, one of a city commercial bank and one post outlet.