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Tianjin, a coastal city in north China, plans to deepen its opening up by constructing a high-standard pilot free trade zone (FTZ) this year and applying to establish a free port, Chinanews.com reported Wednesday, citing the acting mayor’s work report.

The coastal city will promote comprehensive opening up externally and internally, and better improve its logistics services for international trade, said Zhang Guoqing, acting mayor of Tianjin, when delivering a government work report at the opening ceremony of the 17th Municipal People’s Congress.

Fortune 500 companies will be encouraged to locate headquarters or centers for research and development, settlement, and logistics in Tianjin, noted Zhang. Tianjin will strengthen cooperation with provinces around the Bohai Bay and eastern coastal area, coordinate with other economic zones, and build Tianjin into a favored environment for investment.