TIANJIN / BEIJING - With the once-famous Exotic Cargo Market having lost its appeal, Tianjin authorities are looking at turning Dongjiang Island into a duty-free shopping destination.

The island is in Binhai New Area, a production base for about 120 Forbes 500 companies. It is only 45 minutes by car from downtown Tianjin and fewer than two hours from the capital.

"Situated adjacent to Beijing and Tianjin, where consumption is robust, the zone will mean residents do not have to travel to Hainan or Hong Kong (to shop)," Yu Rumin, chairman of Tianjin Port, told China Daily.