A few reforms have already taken place over the past several years to fill in some of the blank spots in the finance sector. They have focused mainly on increasing direct financing, perfecting financial services, and reforming the foreign exchange system and capital market, Cui explained,

Over the next three years, the city will have a financial innovation program in the Tianjin Binhai New Area.

"However, this will be very different from the past," the vice-mayor said, in commenting on the recently announced Binhai New Area Comprehensive Reform and Experimental Development three-year plan.

During that period, Binhai and Tianjin will still work on their over-the-counter market, without completely removing the possibility of other trial areas in off-floor trading.

"The over-the-counter market is one part of off-floor trading. In the future, we'll be proactive in applying for a license in the over-the-counter market in Tianjin. Meanwhile, off-floor trading is both a great market and a great space for development. We'll also make an effort in developing a number of new projects in off-floor trading."

He also pointed recent developments in yuan settlements in cross-border trade and investment, saying that recent experiments have provided some precious experience.

"Currently, the important thing is outbound investment using Chinese currency," Cui went on to explain.

One example of this was Tianjin's recently completed first outbound investment in yuan, valued at $100 million US dollars (more than 600 million yuan).

"This is the very first renminbi deal to originate in Tianjin and it is significant as a pilot, perhaps more significant than cross-border trade settlements," he commented further.

"We hope we can have some new results and even breakthroughs in financial developments, under the direction of the central government, whether it be cross-border trade or in investment."