Binhai New Area 2016 GDP revised down

A new area in North China's Tianjin Municipality revised down its annual GDP for 2016 by over 30 percent, domestic news site thepaper.cn reported over the weekend.



Binhai New Area, a State-level development zone intended to be a growth engine, has adjusted its GDP data for 2016 to 665.4 billion yuan ($103.1 billion), down 33.5 percent.



The area had previously announced that its GDP surpassed 1 trillion yuan in 2016, up 10.8 percent year-on-year, according to media reports, which would have made it the first State-level new area to surpass the 1 trillion yuan mark.



In 2017, more than half of the total official GDP of Tianjin was contributed by Binhai New Area, the Financial Times reported over the weekend.



The district is expected to see its GDP for 2017 reach 700 billion yuan, up 6 percent year-on-year, according to the media report.





